MoneyLion completes acquisition of Even Financial

MoneyLion Inc. has completed its acquisition of embedded finance marketplace Even Financial Inc.

The transaction is anticipated to be accretive to MoneyLion's earnings, with Even Financial expected to add positive EBITDA in 2022, excluding synergies.

MoneyLion and Even Financial have completed the first phase of their product integration. Over 60 solutions providers from Even Financial's network are now represented in MoneyLion's Marketplace across personal loans, life insurance, auto insurance, homeownership and other services, according to a news release.

Even Financial, led by its current management team, will continue to operate as an independent subsidiary of MoneyLion. Phillip Rosen will remain CEO of Even Financial and will join MoneyLion's executive committee.

Evercore was financial adviser and Davis Polk & Wardwell LLP acted as legal adviser to MoneyLion. Broadhaven served as financial adviser and Goodwin Procter LLP was legal adviser to Even Financial.