Mobile banking firm MoneyLion set for SPAC merger, new suite of crypto products
February 12, 2021, 10:33AM EST
1 min read
Mobile banking firm MoneyLion has announced plans for a range of crypto products in 2021.
The New York-headquartered company said in its investor presentation on February 12 that it would launch a new crypto platform to allow customers to “trade, round-up, earn rewards in digital assets and use a crypto wallet for P2P payments”.
MoneyLion also announced plans to go public through a merger with blank-check firm Fusion Acquisition Corp., a special purpose acquisition company (SPAC).
The deal will give MoneyLion a post-transaction valuation of $2.9 billion, according to the boutique bank FT Partners, which advised on the transaction.
MoneyLion, launched in 2013, currently offers its 7.5 million customers a range of financial services including loans, investments and banking.
The company last raised money in 2019, when it closed a $100 million Series C from investors including Capital One, MetaBank, Edison Partners, Greenspring Associates and FinTech Collective.
Besides the crypto platform, MoneyLion is also prepping a range of product launches including a financial health monitoring tool and new credit and financing products.
Recently Huobi Wallet has made waves around the industry for launching HClaimer, a new feature that enables users to collect their staking rewards from multiple DeFi projects through just one easy click.
Brazil-based BTG Pactual, Latin America’s biggest investment bank, is launching its own crypto asset platform that will initially support bitcoin and ether trading. The platform will be called Mynt and allow customers to purchase bitcoin and ether, BTG Pactual’s Head of Digital Assets André Portilho tells The Block. Eventually, the platform will support other digital […]