We’re proud sponsors of 23XI Racing, which is co-owned by Michael Jordan and Denny Hamlin and represented on the track by drivers Tyler Reddick (#45) and Bubba Wallace (#23). There’s something incredibly exhilarating about seeing the speed, skill, and strategy on display at events — not to mention the sound of those roaring engines, and the excitement of seeing both people and machines reaching new heights and setting records. 

So as you can imagine, we’re beyond excited to announce that our next primary race will be the Goodyear 400, taking place at Darlington Raceway on May 12, 2024. The MoneyLion car will be driven by Tyler Reddick, but it won’t be our usual money teal paint scheme. This time, we have a few exciting twists:

A Painted Tribute to a NASCAR Icon

At this NASCAR Cup Series race, 23XI Racing driver Tyler Reddick and MoneyLion will pay tribute to NASCAR legend Tim Richmond by resurrecting his iconic #29 Motorcraft paint scheme from 1982. This race has been a beloved yearly tradition for about a decade now, with drivers and teams encouraged to participate by donning their vehicles in throwback paint schemes that tie into NASCAR and grassroots racing history. It’s just one of the events at NASCAR’s annual Throwback Weekend event, where retro looks (both for the teams and their cars) are on production at Darlington, the oldest superspeedway in the sport.

It’s the perfect opportunity to reflect on the sport’s past, and how it informs the present — and future — of the sport. And Reddick is a major part of that legacy and impact, with two consecutive wins in the NASCAR Xfinity Series in 2018 and 2019, and more recently, a win at the Geico 500 at Talladega last month. 

When it came to choosing a driver to celebrate with this partnership, Tim Richmond was a natural choice because of the significant — and lasting — mark he made on the sport. Richmond emerged as a force in NASCAR racing in the 1980s, captivating fans with his outsize personality both on and off the track. Over the course of just over five seasons, he secured 13 victories in NASCAR’s premier series, leaving an indelible impression on the sport. But his career was cut short tragically by complications from AIDS in 1989, making him one of the earliest high-profile athletes to openly acknowledge his diagnosis, raising critical awareness and helping to destigmatize the disease. 

RELATED: MoneyLion and 23XI make the first car reveal with custom-made kicks

Despite his far-too-short time in the spotlight, Richmond’s legacy endures as a skilled driver who added charisma and style — not to mention extraordinary technical skill — to NASCAR during his storied tenure. And Tyler Reddick is the perfect pick to commemorate his legacy: He has long admired Richmond as a driver, inspired by his aggressive style, free-spirited personality, and the fact that he was a grassroots racer who didn’t conform to convention. 

A Blast from the Past

Besides the MoneyLion car’s retro paint work, we’ve also collaborated on a custom firesuit that is a replica of the same one Tim Richmond wore back in 1982. Tyler Reddick will sport this eye-catching classic firesuit during the race — and stay tuned, because we’ll be giving fans a chance to win it and take home a piece of history on MoneyLion’s social media accounts.

For this race, Darlington will also bring back the popular “best throwback paint scheme” fan vote and will recognize the favorite scheme as voted by fans during driver introductions before the race. 

Vote for MoneyLion’s Tim Richmond-inspired retro paint scheme here!

MoneyLion has wanted to participate in Darlington Raceway’s throwback theme for the past 10 years by paying homage to such an iconic driver with a paint scheme that has never been done before. We’re beyond excited to present this partnership as the latest example of our commitment to celebrate the past, present, and future of NASCAR racing. It’s a powerful opportunity to reflect on some of the contributions that laid the groundwork for the innovations the sport is seeing today. 

If you’re a NASCAR lover — or just want to learn more about the sport and meet others in its community of passionate fans — join us in Darlington:

WHEN: May 12, 2024 at 3:00 p.m. EDT
WHERE: Darlington Raceway, 1301 Harry Byrd Hwy | Darlington, SC 29532Can’t be in Darlington but want to follow along with all of the action on the track? Follow us on X for the play-by-play and find out how you can have a chance to take home Tyler’s iconic throwback firesuit.

MoneyLion Hot Pass – a reward ecosystem that gives NASCAR fans what they truly want through exclusive access to giveaways, content, experiences, and more. (Graphic: Business Wire)

NEW YORK–(BUSINESS WIRE)–MoneyLion Inc. (“MoneyLion”) (NYSE: ML), a one-stop destination for personalized financial content, products, and advice has officially launched MoneyLion Hot Pass – a reward ecosystem that gives NASCAR fans what they truly want through exclusive access to giveaways, content, experiences, and more. Rewards will include one-of-a-kind prizes and access like meet & greets with 23XI Racing drivers Bubba Wallace and Tyler Reddick, custom-designed merchandise, the opportunity to watch a race from Pit Road, cash prizes at select races, race tickets, race-used items, autographs, pre-race pit pass credentials, and more in order to give true NASCAR fans what they really desire.

The MoneyLion Hot Pass platform is available starting today and NASCAR fans can sign up at moneylion.com/hotpass to start unlocking rewards and content throughout the season. MoneyLion will be breaking down barriers and opening up previous “VIP” experiences to the biggest NASCAR fans. The first giveaway launching today, February 2nd, features a limited edition Tyler Reddick x MoneyLion retro NASCAR shirt and a chance to meet Tyler. The announcement comes on the heels of MoneyLion’s continued partnership with 23XI Racing after a successful first year of working together to engage NASCAR fans and provide them with rare and unique experiences.

MoneyLion and 23XI will officially welcome Tyler Reddick to the team this weekend with his first race in the redesigned No. 45 MoneyLion Toyota Camry TRD at the Clash on February 5th in Los Angeles. Aside from the re-designed car, Reddick and the No. 45 team will also sport new helmets, driver fire suits, and pit crew gear with MoneyLion’s refreshed look and logo. The Clash will be the first of five primary races where MoneyLion will be a featured primary partner with 23XI Racing.

“We wanted to build a program that gave every NASCAR fan access to once in a lifetime experiences and giveaways that you can only unlock as a sponsor.” said Jeff Frommer, Chief Content Officer at MoneyLion. “This is our way of recognizing every single person who has ever dreamed of meeting their hero or sitting on pit road but never thought it was achievable. MoneyLion’s there to make it happen.”

“MoneyLion is as passionate about our fans and the sport of NASCAR as we are, and that’s resulted in some great moments for us both over the last year,” said Steve Lauletta, 23XI team president. “We look forward to providing fans with more unique moments during the 2023 season as MoneyLion continues to look for ways to bring the excitement of the sport and 23XI to their customers and race fans. We want our fans to think of MoneyLion “every time they money” and every time they cheer on our team.”

Fans will remember MoneyLion’s storied history of giving back as recent as last season with their “Get Pumped Tuesday” gas giveaway program in which Bubba Wallace won the Hollywood Casino 400 at Kansas Speedway in the fall of 2022, triggering a giveaway of $10K to a lucky fan who participated in the ongoing sweepstakes. Bubba will be returning this year in the No. 23 car and will drive the MoneyLion Toyota for several primary races during the 2023 season.

To check out the official HotPass sizzle video, sign up, and learn more about MoneyLion Hot Pass, visit MoneyLion.com/HotPass. For investor information and updates, visit www.moneylion.com/investors and follow @MoneyLionIR on Twitter.

About MoneyLion

MoneyLion is a one-stop destination for personalized financial content, products and advice. MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers with a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.

About 23XI Racing

23XI Racing – pronounced twenty-three eleven – was founded by NBA legend Michael Jordan and three-time Daytona 500 winner Denny Hamlin in 2020. With rising NASCAR star Bubba Wallace selected to drive the No. 23 Toyota Camry TRD, the team made its NASCAR Cup Series debut in the 2021 Daytona 500 at Daytona International Speedway. Wallace made history on October 4, 2021, when he captured his first career Cup Series win, becoming just the second African American to win in the Cup Series, and earning 23XI its first-ever victory. 23XI expanded to a two-car organization in 2022 with Cup Series Champion Kurt Busch driving the No. 45 Toyota Camry TRD. With a win at Kansas Speedway in May of 2022, Busch earned 23XI the team’s first-ever playoff berth. In 2023, 23XI will feature the lineup of Bubba Wallace in the No. 23 Toyota and Tyler Reddick in the No. 45 Toyota.

For more information about the company, visit https://www.moneylion.com/. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.

Contacts

Media:
eric.vanslyke@praytellagency.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20230202005382/en/MoneyLion-Introduces-Hot-Pass-a-Complete-Fan-Rewards-Ecosystem-Exclusively-for-NASCAR-Fans

MoneyLion solutions are built to help people at different stages of their financial lives

With over 14 years of experience in the financial services industry, Mike Doniger has a keen understanding of MoneyLion’s demographic and how they’re based on the company’s broad selection of solutions. “Our main goal is to provide [financial] access, education, and tools to people who are at different points in their financial journey, whether it’s times of excess or times of need. We have people who need to bridge the gap to their next paycheck, and we also have people who are looking to get ahead in their financial lives by building their savings with their investments. Half or more of our members are first-time investors, so we’re helping them get started on their path for building for the future.”

Mike then went on to discuss MoneyLion’s fully-managed portfolios and how they make investing simple for people who want to start with as little as $5. “Our fully-managed portfolios [through Wilshire] work the same way for someone with $5 to invest as they would for someone with $50,000 to invest… So we’re delivering a high-quality offering for our members without some of the friction points they may run into at a traditional wealth management firm or with advisors.”

How MoneyLion compares to traditional financial institutions and advisors 

It’s no secret that there is a huge segment of the American population that is underserved by traditional financial institutions and advisors. Millions of people want to get into crypto or investing, and they just need the right set of tools to do it. They’re looking for educational content and guidance that’s missing from some digital providers. That’s where MoneyLion comes in. Mike said, “One of the things we’re focused on is getting people content and motivating them on their journey for investing specifically. Whether they’re new to investing or have invested previously.”

While elaborating on MoneyLion’s commitment to helping members learn about crypto, Mike said, “MoneyLion’s mission is all about giving [financial] access and education, so at the end of last year, we launched new crypto capabilities that allow members to invest in Bitcoin and Ethereum. We wanted to help people get into the crypto space with some of the larger, more popular forms of cryptocurrency, and we’re taking a measured approach in terms of the additional cryptocurrencies we offer on our platform. We want our members to enter the space responsibly.”

One of the key differences between MoneyLion and other financial companies that offer investing and crypto products: They allow members to Round Up their spare change from qualified purchases into cryptocurrencies. For now, they offer Round Ups into Bitcoin or a managed investment account, and this handy feature helps members “build their [financial] position in a way that is automated but also behind the scenes so members can start as small as they want. Round Ups helps create good savings habits.”

Even better, MoneyLion just started allowing members to use any credit or debit card to Round Up. So they’re not limited to a specific card or bank account. Members can use any of their cards, and this opens the door for more people to take advantage of this unique feature and opportunity. As more people join MoneyLion to use these exciting tools, there’s going to be a higher demand for introductory crypto and investing content, and MoneyLion has a strategic educational strategy in place.

Educational content is going to take on a bigger role at MoneyLion

Everything MoneyLion does is geared toward education and giving access to financial opportunities. MoneyLion has a blog with a ton of content called MoneyLife, and they have short-form content in the app through MoneyLion Academy that not only explores the basics of crypto and specific currencies but also different concepts to consider when purchasing crypto or investing more broadly. 

When asked about the future of MoneyLion content, Mike said, “In general, content is going to become a bigger part of MoneyLion and not just related to investing. We want people to consume content with not just financial topics but also lifestyle. This content will be from influencers, news — anything to keep people informed and motivated on their journey. We’re going to offer different channels, mediums, etc. so it won’t just be blog articles. It will be educational videos, different series, and we’re going to use data to deliver the right content to the right people at the right time. So we’ll provide members with guidance and advice they may get from a traditional advisor normally, but we’re going to give it contextually as part of the experience.”  

Listen to Mike’s On Purpose podcast interview today

Missed the On Purpose podcast? No problem. Listen to it for free today. And keep your eyes peeled for more podcasts with members from the MoneyLion team! 

To get ready for MoneyLion’s big #45 car reveal with 23XI and driver Kurt Busch, we created a customized pair of Air Jordan 1s signed by Kurt that has the same color scheme, vibe, and personality of our bold new car. To make things even better, three lucky $RoarTag members will have the opportunity to win them. 

So what do you say? Ready to join the winning team?

To enter to win, create a $RoarTag, follow MoneyLion’s regular and racing Twitter handles, and reply to our Ready To Roar Giveaway posts on race day (Sunday, March 13th @ 3:30 PM EST) with your $RoarTag.

Let’s go!

What is $RoarTag?  

It’s a unique way to express yourself, and it’s a nice alternative to using your phone number and email. 

Be sure to create your $RoarTag before it’s taken. 

How to enter

1. Create your $RoarTag
2. Follow MoneyLion and MoneyLion Racing on Twitter.
3. Reply to our Ready To Roar Phoenix Giveaway posts on March 13th @3:30 PM EST with your $RoarTag and the hashtag #ReadyToRoar for your chance to win.

🏁 A one-of-a-kind experience 🏁

MoneyLion wants to create unique opportunities not seen anywhere else. So we are making it possible for our pride of motivated lions to win a pair of one-of-a-kind Jordans. 

Join us on Twitter on Sunday, March 13, at 3:30 PM EST, and get ready to roar with Kurt Busch behind the driver’s seat. 

Hope to see you there.  

Get to the finish line faster with MoneyLion

There are many benefits to 5G, including the speed of transmissions, lower latency, and a higher capacity of data transfer in comparison to 4G. But are there any downsides to this network?

What is 5G?

This is the latest network of wireless technology that can transmit data between appliances, like mobile and bluetooth devices, at an extremely fast rate. It ensures more reliability and outreach to a larger network of users. 

Since cellular infrastructure typically gets upgraded every 10 years for wireless communication, 5G will slowly be implemented into our mobile networks throughout the nation. This network has the potential to support millions of mobile devices while operating at this extremely fast pace. 

How does 5G work?

Similarly to all communication systems, 5G operates through radio frequencies to carry out information. However, 5G operates at a faster rate due to it utilizing a higher radio frequency that is less cluttered. These bands are called millimeter waves, which allow the network to work at a lower latency and therefore reach devices at a faster pace. 

What are the 5g security concerns?

Although there are many benefits to 5G, there are some disadvantages to be raised. As technology progresses, there are some downsides to these new technologies. Read more to find out what these downsides entail.

Increase in attack surface

In short, an attack surface is a boundary of a system in which attackers can enter to extract or manipulate data. With millions of devices becoming more connected through 5G, it becomes a point of concern of whether the expansion of this system will be more susceptible to cyber attacks. Additionally, due to 5G’s quick retention time of data transmission, people have pointed out that this may risk more sophisticated botnets and privacy violations to work at this quicker speed as well. 

More integration with the Internet of Things (IoT)

The internet of things (IoT) refers to the connectedness of the devices that transfer data over wireless networks. This includes objects, such as cellphones, with built in sensors to connect to the IoT platform and access information. Unfortunately, the IoT platform is inherently very susceptible to cyber attacks and is not vastly secure. This is because the platform was not designed to protect users’ data which can leave potential entry points for hackers to attack. While 5G integrates more IoT, this can exacerbate the current holes in this system even more. 

Decreased network visibility for cyber attacks

Since 5G will expand its network and allow millions of users to be connected at once, this could cause issues with network security. As the surface area of this network widens, the harder it is for security systems to catch abnormalities or cyber attacks throughout the web. In order for these security companies to actively protect its users, it will need to be as advanced as the 5G system and keep up with this new network’s speed.  

Supply chain and software vulnerabilities

Supply chain attacks have been a point of concern for many companies over the years. This is because one attack to a single supplier or company can compromise their own network of providers. Since 5G supply chains are currently limited, there are not many secure systems set in place to protect these providers. In addition, since new devices are being rushed to join in on this market, they are more susceptible to having insecure components.

What are the enhanced security features with 5g?

Despite some of the potential downsides, 5G does have a lot to offer. Alongside its fast data transfer and connection capabilities, it does additionally have security features set in place. Let’s dive into the extent these features have to offer. 

Identity protection

Despite being somewhat susceptible to security breaches, 5G does have enhanced features to protect your identity. This includes shielding you from rogue devices that scam people through phone calls. Since these devices mimic cell tower connections, 5G is able to block this from happening due to the fact that your ID is encrypted with 5G. 

Encryption algorithm

5G incorporates a complex encryption algorithm in which your voice and data is mixed with other transmissions. Due to this, it is significantly harder for hackers to try to decrypt your transmission of data since it would require utilizing a highly sophisticated computer. Since these transmissions are happening at a rapid pace and highly encrypted, it is harder to find a loophole in the data transfer. 

Intelligent software

Since 5G incorporates intelligent software and virtual hardware, this makes it significantly harder for hackers to compromise your device and information. This is due to the fact that your data is being transmitted through various virtual hubs. Within these hubs, your data can quickly be transferred and untraceable. 

Edge computing

In short, edge computing is a computation process in which the sources of data are in close vicinity to data storage. This minimizes the need for the data to be transferred to a remote data center in order to be processed. By this data being in close vicinity, it eliminates the possibility of a threat being undetected while being set to a remote data location. 5G implements this type of computing in all its key computations.

5G is the network of the future

Although 5G may have some downsides, overall the implementation of this new technology will be beneficial to society as a whole. This quick retention time of data will allow more users to be more connected and process information at a faster rate. Despite having some points of concern, 5G has set up key features to ensure the safety of its user’s information and data. Overall, 5G is going to be replacing the 4G networks in years to come and help enhance our technological advancements as a society.

Frequently Asked Questions

Mooresville, NC (February 3, 2022)

Today, 23XI Racing announced the addition of MoneyLion (NYSE: ML), the award-winning digital financial platform, as the Official Digital Banking and Cryptocurrency Partner of 23XI. This multi-year partnership continues MoneyLion’s involvement in NASCAR as part of the company’s larger commitment to connect with, engage, and motivate hard-working Americans to build their financial power.

MoneyLion is on a mission to rewire the American financial system and positively change the path of every hard-working American. Both 23XI and MoneyLion share a common belief that we all get ahead when nobody gets left behind. As such, 23XI and MoneyLion will be encouraging NASCAR fans to #BeALion in their drive toward excellence.

This message comes to life in 23XI’s Bubba Wallace and Kurt Busch. MoneyLion will be a primary partner of the No. 23 Toyota Camry TRD and the No. 45 Toyota Camry TRD for select races in 2022, as well as an associate partner with 23XI throughout the season, beginning with the Busch Light Clash at the LA Memorial Coliseum on Sunday, February 6.

“We believe in NASCAR and this young team,” said Bill Davaris, Chief Marketing Officer of MoneyLion. “Bubba and Kurt are lions, both on and off the track, and epitomize the mission and mantra we live by at MoneyLion. Through their sport and influence, and with our all-in-one financial platform, we can make a tangible impact on people’s lives.”

“As we continue to move into our second year, we’re excited to add innovative partners like MoneyLion to the 23XI Racing family,” said 23XI Racing President Steve Lauletta. “In MoneyLion we find a company that shares similar goals, like building a winning team unlike any other in our respective industries and making a difference for those around us. We look forward to a partnership that is as successful on the track as it is off the track.”

“It’s great to welcome MoneyLion to the 23XI Racing team,” said Busch. “We have a vision for thinking about racing differently and it’s great to have a partner on our team that shares a similar outlook within their industry. We look forward to having fun together this year and enjoying some exciting moments on the track as we compete for wins.”

“It’s a great fit for me and our team to partner with a company that strives to make a lasting difference in other people’s lives,” said Wallace. “Coming up I had people help to make that difference for me as I worked towards my dream of racing in NASCAR, and I hope through the partnership with MoneyLion and the powerful financial content and products they offer, we can help more people feel equipped and empowered to chase their dreams.”

The MoneyLion paint scheme will debut at Phoenix Raceway in March with Kurt Busch and the No. 45 team. MoneyLion’s first race as the primary partner with Bubba Wallace and the No. 23 Toyota Camry TRD will be at the legendary Darlington Raceway in May.

Follow @moneylionracing and #BeALion on Twitter to learn more about the 23XI Racing and MoneyLion partnership and stay up to date on Young Lion activations, giveaways, and prizes throughout the season.

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About MoneyLion

MoneyLion (NYSE: ML) is a mobile banking and financial membership platform that empowers people to take control of their finances. Since its launch in 2013, MoneyLion has engaged with 9.4 million hard-working Americans and has earned its members’ trust by building a full-service digital platform to deliver mobile banking, lending, and investment solutions. From a single app, members can get a 360-degree snapshot of their financial lives and have access to personalized tips and tools to build and improve their credit and achieve everyday savings. MoneyLion is headquartered in New York City, with offices in Sioux Falls and Kuala Lumpur, Malaysia. MoneyLion has achieved various awards of recognition including the 2020 Forbes FinTech 50, Aite Group Best Digital Wealth Management Multiproduct offering, Finovate Award for Best Digital Bank 2019, Benzinga FinTech Awards winner for Innovation in Personal Finance 2019 and the Webby Awards 2019 People’s Voice Award.

For more information about the company, visit http://www.moneylion.com. For investor information and updates, visit http://www.moneylion.com/investors and follow @MoneyLionIR on Twitter.

About 23XI Racing

23XI Racing – pronounced twenty-three eleven – was founded by NBA legend Michael Jordan and three-time Daytona 500 Winner Denny Hamlin in 2020. With rising NASCAR star Bubba Wallace selected to drive the No. 23 Toyota Camry TRD, the team made its NASCAR Cup Series debut in the 2021 Daytona 500 at Daytona International Speedway. Wallace made history on October 4, 2021, when he captured his first career Cup Series win, becoming just the second African American to win in the Cup Series, and earning 23XI Racing its first-ever victory. 23XI Racing expands to a two-car organization in 2022 with Cup Series Champion Kurt Busch driving the No. 45 Toyota Camry TRD.

Video Transcript

Kristen Scholer: Well, MoneyLion is hoping to roar on Wall Street after officially going public yesterday. The all in one financial platform going the SPAC route to the New York Stock Exchange after announcing it would merge with blank check company Fusion back in February. Shares of MoneyLion ending today’s session in the green up more than two-and-a-half percent. Joining me now is Dee Choubey, CEO at MoneyLion. Uh, Dee, thanks so much for coming on the show. I know you joined, uh, right after you announced the plan to go public back in February,

Kristen Scholer: saying it was the time to increase awareness about, uh, your platform to Americans disadvantaged by the current financial system. What strides have you been able to make since then?

Dee Choubey: Yeah, we’ve had a phenomenal year. It’s been a great historic milestone for us this week to finally be listed on the New York Stock Exchange. The teams worked incredibly hard. Um, you know, we’re always innovating, uh, financial products. So this year we were able to launch crypto, uh, round ups to our consumers, and we’re continuing to make the platform better on a daily basis here. Um, it’s been a long process for us to enter the public markets, but boy are we excited, uh, to finally made it.

Kristen Scholer: And now that you are part of the public markets, what is the expansion plan from here?

Dee Choubey: Yeah, we’ve got a lot of great growth ahead of us. Um, you know, this is a- this is the perfect point to enter the MoneyLion story for public market investors. If you look at what we have spent our time building over the last many years is our technology platform, we’ve built it from scratch. This is one of the best tech platforms, not only here in- in the United States, but globally. This is one of the most, um, you know, interesting platform approaches. Well we own the technology around banking, investing, financial advice, rewards. Um, and what we now have the opportunity to

Dee Choubey: do is really get the product MoneyLion’s entire community driven ecosystem in the hands of millions of Americans. So this is an incredibly exciting po- opportunity for us, but also for public market shareholders to enjoy the ride, uh, as we grow into being an iconic American brand.

Kristen Scholer: We know that the fintech space is certainly a crowded one, Dee. And so talk to me about how your company is trying to stand out.

Dee Choubey: Yeah, we’re in the, uh, consumer advice business, right? So we’re not necessarily competing on individual accounts or, um, you know, just kind of what you see in fintech broadly. But I think the opportunity is really interesting. We’re in the early innings of digital transformation. We believe all of the tailwinds around adoption of fintech as a primary financial relationship exists. We are the interface layer. So depending- in regardless of what other financial products consumers are using, we wanna be the advisor.

Dee Choubey: And that’s really the opportunity to think about FinTech 3.0, which goes into being a daily destination, a lifestyle brand where a consumer’s individual data allows us to personalize and contextualize the entire financial experience to help them live, uh, a better life. No one is really using financial products just to have individual road accounts, but they’re using financial products to live better lives. And the intersection of lifestyle and financial services is really what we’re- we’re hoping to build here in the public markets.

Kristen Scholer: Uh, cryptocurrency down today, but a hot growing space not in China, but around the world. How is your platform interacting with that and what do you offer when it comes to cryptocurrency?

Dee Choubey: So, you know, we heard our customers loud and clear. Um, you know, 77 percent of our customers said that they really wanted the product. Eighty-six percent of Americans have actually never touched a crypto product. Our mission is to create financial access. So we’re all about how do we get more Americans educated, exposed to different ways to think about currencies, commodities and what have you. So when we launched crypto, it wasn’t necessarily to, you know, um, incentivize people that day trade cryptocurrencies,

Dee Choubey: but instead to start learning about Blockchain, to start learning about, um, how to think about crypto as part of a technological movement, as part of the community. So we were able to do was use crypto more as roundups. So every time you swipe your money line debit card, you can now round up into bitcoin. And that’s really interesting because 17 cents, one dollar, two dollars at a time, our consumers are able to dollar cost average every single day of the week, as opposed to really trying to time the market on

Dee Choubey: some of the volatility that we see in- inherent in these asset classes.

Kristen Scholer: This announcement, though, by China. Do you anticipate that that will negatively impact your business?

Dee Choubey: While we’re- we’re US focused, we’re 100 percent in the United States today. We believe, uh, you know, Blockchain, DeFi cryptocurrencies are here to stay. There are lots of excellent use cases for it. Um, I think there’s gotta be a transparent two way, uh, conversation with the regulators. The US regulators have an opportunity really to define the future of money using this technology set. Um, there’s lots of experiments if you will, where we’re living in one large experiment if you will, around it. Um, so, you know, it’s a small part of our business, but it shows you from

Dee Choubey: just a mission perspective that we’re going to make available these asset classes to our customers. And then, you know, really be part of that journey to educate them on how to think about it as part of their overall holistic portfolio, which includes, of course, managed investing, stock trading, banking, saving and other products as well.

Kristen Scholer: I’m curious too. There’s a lot of focus on the financial markets right now, just in terms of the path forward for interest rates, and we did hear from the Fed earlier this week that higher interest rates could come as soon as next year, the end of next year, uh, even though the expectation earlier this summer was that that first rate rise might not come until 2023. How would that impact your business di- and your offerings to consumers?

Dee Choubey: So- so look, I mean, we are built for everyday use. We’re a utility for, uh, the working population, 30 percent of our members are day economy workers. They’re using money line as a payments platform. They’re using it to buy now, pay later. They’re using it to invest for the future. So as you think about the fully managed investment account, as rates rise, there’s just different allocations. And that’s where our regular advisor comes into play, takes into account the changes in the macro environment whether it’s interest rates, whether it’s other, you know, employment related or other, uh, metrics.

Dee Choubey: So we believe it’s just part of what we do. It’s, uh, it’s- it’s, you know, inputs we take into our models and we believe that, look, you know, there’s going to be some, of course, changes in allocations, but there’s a good blueprint and a good way for us to educate our consumers around it.

Kristen Scholer: Uh, building out the business as well. I see a June 19th press release here, adding some accomplished executives to the board of directors Matt Drella, Lisa Gersh, um, Michael Paul. What do they bring to your company?

Dee Choubey: Look, I mean, we’re super excited about our new board. If you think about, you know, what we need to do to really accelerate and drive user growth. We’ve got the best from, you know, the- the- the data world, Matthew Darella, who was the chief revenue officer at Twitter, Michael Paul, he’s the president of Disney Plus and ESPN Plus so think about, you know, as we think about MoneyLion becoming a daily destination where it’s much more content lead, uh, we’re now putting the best from data and content on our board. If you look at compliance and regulatory, Annette Nazareth,

Dee Choubey: uh, she was uh, the, the chairperson of the SEC. Uh, Ambassador Dwight Bush was the U.S. Ambassador to, uh, Morocco. Lisa Gersh she’s been on multiple public boards. So from a governance, compliance and regulatory perspective, we’re rock solid. And then from a data and community, and community engagement and product building perspective, we’re, uh, in- in- incredibly set as well. We- we have the existing board also, uh, you know, kind of continuing on for something where the Petraeus, John Krystal are all veterans of financial services.

Dee Choubey: We couldn’t have asked for a better board. This is a, uh, you know, and everyone really is coalescing around this mission of using technology, artificial intelligence, machine learning for the good of, uh, the 90 million Americans that- that struggle daily with financial services.

Kristen Scholer: I am curious, Dee, as we head into the end of the year, uh, there is uncertainty out there after we have seen the stock market for the past 18 months generally grind higher. What are the biggest questions right now that your customers have?

Dee Choubey: Um, so- so look anything. We’re going through a still unprecedented changes in- in the markets. As we saw in 2020, of course, the pandemic a lot of, uh, people, the way they work has changed to whether it’s remote, whether it’s hybrid, whether it’s multiple jobs, uh, whether it’s multiple gigs. Um, so our customers are always looking to live better financial lives. They’re looking to, uh, see how they can make micro changes to- to earn more, uh, to spend less, to save more. So as we think about those inflection points as we come towards the end of the year, there’s of course going to be opportunities for, uh,

Dee Choubey: consumers to spend a little bit more going into the holidays, uh, and to do that, you have to have financial tools that not only help you, uh, drive your financial life, but how do you also think about, uh, saving when you’re spending, earning more through the holidays? And those are the things that on a daily basis, our community engages together to, uh, to help each other.

Kristen Scholer: All right, Dee, we got to leave it there. Uh, congratulations again. I hope you’ll come back on the show. That’s Dee Choubey, CEO at MoneyLion.

We have an exciting and significant milestone to share: Today, MoneyLion begins a new chapter as a publicly listed company.

It took almost a decade of hard work and a simple but powerful mission to rewire the American financial system so that we can positively change the financial path for every hard-working American. We’ve helped millions of members who have profoundly transformed their financial lives, and they’ve come from all walks of life. Whether our members are gig economy workers, first responders, young artists, construction workers, policemen, teachers, retirees, or anyone striving to build a better future, they’re all using MoneyLion’s products to thrive and get ahead. It’s these ambitious self-starters who inspire us — people like you who have stuck with us and made us who we are today. And we thank you for your trust.

When we started MoneyLion in 2013, we wanted to do something big — bigger than just an award-winning financial technology platform. Our dream was to build a destination where all Americans can feel empowered to do more with their money. I’m proud to say we were able to build more than a destination; we formed a community of members who have taken control of their destinies. As we enter this next chapter as a public company, we’ll be able to push the limits of financial inclusion and empowerment even further. We’ll do this by continuing to add new, innovative financial solutions to our already powerful all-in-one platform, and we’ll also be heavily investing in a richer financial literacy experience where we’ll be leveraging new educational mediums in an effort to meet you where you are. We’ve accomplished so much together. But there is a lot more to do and we’re nowhere near done. Our mission to create financial access and opportunity has only just begun.

On behalf of the entire MoneyLion Pride, we thank you for your support and for being a part of our journey.

Here we roar,

Dee Choubey

CEO of MoneyLion

New York, NY – September 3, 2021 – MoneyLion, Inc. (“MoneyLion”), an award-winning, data-driven, digital financial platform, today announced that the U.S. Securities and Exchange Commission (“SEC”) has declared effective the registration statement on Form S-4 relating to MoneyLion’s previously announced proposed business combination (the “Business Combination”) with Fusion Acquisition Corp. (NYSE: FUSE) (“Fusion”).

Fusion intends to file its definitive proxy statement/prospectus (the “Proxy Statement/Prospectus”) relating to the Business Combination on September 3, 2021, and a special meeting of Fusion shareholders will be held at 9:00 a.m. Eastern Time on September 21, 2021, in connection with the Business Combination (the “Special Meeting”). The Proxy Statement/Prospectus is being mailed to Fusion’s shareholders of record as of the close of business on September 2, 2021.

If the proposals at the Special Meeting are approved, the parties anticipate that the Business Combination will close on or about September 22, 2021, subject to the satisfaction or waiver (as applicable) of all other closing conditions.

Upon closing of the transaction, the combined company will be named MoneyLion Inc. and will be listed on the NYSE under the new ticker symbol “ML.”

“We are excited to reach this important milestone on our path to becoming a publicly-traded company,” said Dee Choubey, CEO and Founder of MoneyLion. “The strong user and volume growth we’ve seen over the past year only reinforces our conviction about the value of MoneyLion’s customer proposition and the opportunity in front of us, and we look forward to successfully completing the proposed business combination so that we can continue to scale, innovate and grow aggressively to help even more Americans take control of their finances and achieve their life goals.”

John James, CEO of Fusion Acquisition Corp., commented: “The MoneyLion team has executed extremely well and is poised to scale even faster driven by the company’s tremendous momentum. We are excited to present the business combination to Fusion stockholders and look forward to partnering with MoneyLion through its next phase of growth.”

As previously announced, the transaction values MoneyLion at a $2.4 billion pro forma enterprise value, representing 9x estimated 2022 adjusted net revenue of approximately $258 million. Assuming no redemptions by Fusion stockholders, the Business Combination is expected to deliver approximately $450 million cash to the MoneyLion balance sheet, net of debt paydown and expenses. This includes a $250 million fully committed and oversubscribed private investment in Fusion common stock, priced at $10.00 per share, led by funds and accounts managed by BlackRock, certain funds managed by affiliates of Apollo Global Management, Inc., and leading global technology and growth investors.

The net proceeds raised from the transaction will be used to accelerate the growth and scale of MoneyLion’s proven platform and suite of products.

Recent Financial & Operational Highlights Include:

• On August 19, MoneyLion announced strong Q2 2021 revenue and customer growth, representing an annualized net revenue run-rate of over $150 million.
  • Net revenue increased 125% to $38.2 million, compared to $17.0 million in Q2 2020, while adjusted revenue increased 114%, reaching $36.4 million, compared to $17.0 million in Q2 2020.
  • Gross profit increased 147% to $22.3 million, compared to $9.0 million in Q2 2020.
  • Total customers grew 113% to 2.2 million, compared to 1.0 million in Q2 2020.

• On June 19, MoneyLion announced three independent director appointments to the company’s Board of Directors (“Board”). Matt Derella, the former global vice president of revenue and content partnerships at Twitter, Lisa Gersh, co-founder of Oxygen Media and a veteran of public company boards, and Michael Paull, president of Disney+ and ESPN+, will join the MoneyLion Board effective at the closing of the Business Combination transaction. Jeff Gary from Fusion will also join the Board.
• On June 8, MoneyLion announced the appointments of The Honorable Annette Nazareth, senior counsel at Davis Polk & Wardwell and former SEC Commissioner, and Ambassador Dwight Bush Sr., chief executive officer of DL Bush & Associates and former Ambassador to Morocco, to the company’s Board of Directors. Both appointments will be effective at the closing of the Business Combination.

The post-merger MoneyLion Board, led by non-executive Chairman John Chrystal, will be comprised of ten directors, nine of whom are independent directors as defined in the NYSE listing standards and applicable SEC rules. This includes Bush, Derella, Gary, Gersh, Nazareth and Paull and existing directors Choubey, Chrystal, vice chairman of The Bancorp, Inc., Greg DePetris, fintech and securities industry veteran, and Chris Sugden, managing partner of Edison Partners.

About MoneyLion

MoneyLion is a mobile banking and financial membership platform that empowers people to take control of their finances. Since its launch in 2013, MoneyLion has engaged with 8.5 million hard-working Americans and has earned its members’ trust by building a full-service digital platform to deliver mobile banking, lending, and investment solutions. From a single app, members can get a 360-degree snapshot of their financial lives and have access to personalized tips and tools to build and improve their credit and achieve everyday savings. MoneyLion is headquartered in New York City, with offices in Sioux Falls and Kuala Lumpur, Malaysia. MoneyLion has achieved various awards of recognition including the 2020 Forbes FinTech 50, Aite Group Best Digital Wealth Management Multiproduct offering, Finovate Award for Best Digital Bank 2019, Benzinga FinTech Awards winner for Innovation in Personal Finance 2019 and the Webby Awards 2019 People’s Voice Award.

For more information about the company, visit www.moneylion.com. For investor information and updates, visit www.moneylion.com/investors and follow @MoneyLionIR on Twitter.

About Fusion Acquisition Corp.

Fusion Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company was founded by and is led by CEO John James (who also stands behind the global fintech, BetaSmartz, as well as co-founding emerging opportunities investment company, Boka Group), and Chairman Jim Ross (senior advisor to State Street and former Chairman of State Street Global Advisors SPDR ETFs). For more information, visit fusionacq.com.

Forward Looking Statements

This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding MoneyLion’s expectations with respect to the closing of the business combination transaction between the MoneyLion and Fusion; the impacts of the proposed Business Combination, the satisfaction of the closing conditions to the proposed transaction, the timing of the completion of the proposed transaction and the products and markets and expected future performance and market opportunities of MoneyLion. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of MoneyLion’s and Fusion’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of MoneyLion and Fusion. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the shareholders of Fusion or MoneyLion is not obtained; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to MoneyLion; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; MoneyLion’s ability to manage future growth; MoneyLion’s ability to develop new products and solutions, bring them to market in a timely manner, and make enhancements to its platform; the effects of competition on MoneyLion’s future business; the amount of redemption requests made by Fusion’s public shareholders; the ability of Fusion or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors discussed in Fusion’s final prospectus dated June 25, 2020, Annual Report on Form 10-K for the fiscal period ended December 31, 2020 and registration statement on Form S-4 (the “Registration Statement”), in each case, under the heading “Risk Factors,” and other documents of Fusion filed, or to be filed, with the Securities and Exchange Commission (“SEC”). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither MoneyLion nor Fusion presently know or that MoneyLion and Fusion currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect MoneyLion’s and Fusion’s expectations, plans or forecasts of future events and views as of the date of this communication. MoneyLion and Fusion anticipate that subsequent events and developments will cause MoneyLion’s and Fusion’s assessments to change. However, while MoneyLion and Fusion may elect to update these forward-looking statements at some point in the future, MoneyLion and Fusion specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing MoneyLion’s and Fusion’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Additional Information About the Proposed Business Combination and Where to Find It

The proposed business combination will be submitted to shareholders of Fusion for their consideration. Fusion has filed the Registration Statement with the SEC which includes a definitive proxy statement to be distributed to Fusion’s shareholders in connection with Fusion’s solicitation for proxies for the vote by Fusion’s shareholders in connection with the proposed Business Combination and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to MoneyLion’s shareholders in connection with the completion of the proposed Business Combination. Fusion will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed Business Combination. Fusion’s shareholders and other interested persons are advised to read the definitive proxy statement / prospectus, in connection with Fusion’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed Business Combination, because these documents contain important information about Fusion, MoneyLion and the proposed Business Combination. Shareholders may also obtain a copy of the definitive proxy statement, as well as other documents filed with the SEC regarding the proposed Business Combination and other documents filed with the SEC by Fusion, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Cody Slach and Alex Kovtun, (949) 574-3860, FUSE@gatewayir.com.

Participants in the Solicitation

Fusion, MoneyLion and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from Fusion’s shareholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Fusion’s shareholders in connection with the proposed business combination is set forth in the Registration Statement (and in the definitive proxy statement / prospectus). You can find more information about Fusion’s directors and executive officers in Fusion’s final prospectus dated June 25, 2020, filed with the SEC on June 29, 2020. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests is included in the Registration Statement (and in the definitive proxy statement / prospectus) and other relevant documents filed with the SEC. Shareholders, potential investors and other interested persons should read the proxy statement / prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act, or an exemption therefrom.

Investor Contacts:

Cody Slach, Alex Kovtun

Gateway Investor Relations

(949) 574-3860

FUSE@gatewayir.com 

Media Contacts:

pr@moneylion.com