MoneyLion said it expects the combined company, which will have an enterprise value of $2.4 billion, to get $526 million in cash proceeds.
New York-based fintech company MoneyLion was founded in 2013 and is led by co-founder and Chief Executive Officer Diwakar Choubey, a Wall Street executive who has held senior positions at Goldman Sachs Group Inc, Citadel and Barclays PLC. SPACs, or special purpose acquisition companies like Fusion, raise money through an initial public offering to acquire a private company, which becomes public as a result of the merger.
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oooo moneylion the bank that makes fancy bank names sound crazy