MoneyLion to join Russell 3000® Index

Digital financial services and lifestyle content platform MoneyLion announced it is set to join the broad-market Russell 3000® Index at the conclusion of the 2022 Russell indexes annual reconstitution, according to a preliminary list of additions posted by FTSE Russell on June 3, 2022. Inclusion in the index will take effect after the US market opens on June 27, 2022. Shares of MoneyLion Class A common stock will be automatically added to the appropriate growth and value style indexes.

The annual reconstitution of the Russell indexes captures the 4,000 largest US stocks as of May 6, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or in the small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

“Joining the Russell 3000® Index is yet another significant milestone for MoneyLion as a young public company on a mission to redefine consumer finance for hard working Americans. We welcome the enhanced visibility and distribution provided by our inclusion in the Russell 3000® Index as a way to broaden awareness and engagement within the institutional Investor community as we execute on our strategy.” – MoneyLion Co-Founder and CEO, Dee Choubey.

Bottom Line: MoneyLion has at least two car insurance partners, making it one of several alternative distributors to emerge in the last year.