Gen to acquire MoneyLion

Gen Digital , which provides security, storage, and systems management through brands such as LifeLock and Norton, has entered into a definitive agreement to acquire financial services marketplace MoneyLion.

The Board of Directors of both Gen and MoneyLion have unanimously approved the proposed acquisition of MoneyLion by Gen for $82 per share in cash payable at closing, representing a cash value of approximately $1 billion.

Founded in 2013, MoneyLion went public in 2021 through a SPAC merger that valued the combined entity at $2.4 billion. The company reported a net loss of $45 million for 2023. For the first nine months of 2024, MoneyLion reported net income of $7.4 million.

“Gen has a family of consumer brands that’s dedicated to protecting people’s privacy, identity and financial assets so they can live their digital lives securely and without worry. By bringing MoneyLion into the Gen family, we’re not only helping people protect what they already have, we’re extending our capabilities to enable people to better manage and grow their financial wealth. We look forward to welcoming the MoneyLion team, so together, we can power digital and financial freedom.” – Vincent Pilette, CEO of Gen.

“MoneyLion has built a mission-driven platform that empowers people to take control of their financial futures with confidence. Joining Gen accelerates our vision by leveraging their global reach, trusted brands, and powerful ecosystem. We’ll deliver MoneyLion’s leading personal financial management tools and embedded financial marketplaces to Gen’s users while bringing Gen’s strong identity, trust and cybersecurity solutions to our customers. Together, we’ll create unmatched consumer value, combining innovative fintech products and experiences with Gen’s trusted network to empower smarter financial decisions and secure people’s digital and financial lives.” – Dee Choubey, Co-Founder and CEO of MoneyLion.