We are advising MoneyLion on its combination with a SPAC

Davis Polk is advising MoneyLion on its combination with Fusion Acquisition Corp., a publicly traded SPAC. MoneyLion is expected to have an implied estimated enterprise value of approximately $2.4 billion at closing, based on current assumptions. The cash component of the purchase price to be paid to the equity holders of MoneyLion is expected to be funded by Fusion’s cash in trust (minus any redemptions by Fusion’s existing public stockholders), as well as by a $250 million private placement raised at $10.00 per share. The transaction is expected to close during the first half of 2021, subject to subject to customary closing conditions and certain regulatory approvals.

MoneyLion is a mobile banking and financial membership platform that empowers people to take control of their finances. Since its launch in 2013, MoneyLion has engaged with 7.5 million individuals and has built a full-service digital platform to deliver mobile banking, lending, and investment solutions.

Fusion is a SPAC led by Jim Ross as Chairman of the Board, John James as Chief Executive Officer and Jeff Gary as Chief Financial Officer formed for the purpose of acquiring or merging with businesses that are applying, providing or changing technology within the fintech or asset and wealth management sectors.

The Davis Polk corporate M&A and capital markets team includes partners Byron B. Rooney, Lee Hochbaum and Darren M. Schweiger and associates Sang Hun Lee and Angela Park. Partner Adam Kaminsky is providing executive compensation advice. Partner Pritesh P. Shah is providing intellectual property advice. Partner William A. Curran is providing tax advice. Partner Gregory S. Rowland is providing investment management advice. Counsel Andrew B. Samuel is providing financial institutions advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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