Tech conglomerate Gen Digital has announced plans to acquire mobile banking firm MoneyLion in a $1 billion cash deal, marking a significant expansion into the fintech space.
Under the terms of the agreement, publicly listed MoneyLion shareholders will receive $82.00 per share in cash, representing a 6.5% premium on the firm’s Monday closing price. Additionally, shareholders will be granted one contingent value right (CVR) per share, entitling them to $23 in Gen Digital common stock, dependent on future stock performance.
The boards of both companies have unanimously approved the acquisition.
Since its launch in 2013, MoneyLion has gained millions of users through its comprehensive app, which offers:
- Banking services
- Investment tools
- Salary advances
- Credit score improvement resources
- Financial advice
The firm also operates a B2B2C white-labeled AI recommendation platform, which Gen Digital plans to integrate into its existing ecosystem to enhance its consumer offerings.
Known for its cybersecurity brands—including Norton, Avast, and LifeLock—Gen Digital is positioning itself to protect not only digital privacy and identity but also to support financial health and wealth management.
Vincent Pilette, CEO of Gen Digital, emphasized the strategic value of the acquisition:
“By bringing MoneyLion into the Gen family, we’re extending our capabilities beyond safeguarding privacy and identity to enabling people to manage and grow their financial wealth.”
This acquisition comes after MoneyLion‘s public debut in 2021 through a $2.9 billion SPAC listing, reflecting the evolving landscape of fintech mergers and acquisitions.