NEW YORK, June 21, 2021 /PRNewswire/ -- MoneyLion Inc.
("MoneyLion" or the "Company"), an award-winning, data-driven,
digital financial platform which recently announced it would become
a public company via a merger with special purpose acquisition
company, Fusion Acquisition Corp. (NYSE: FUSE), today announced
three new independent director appointments to the company's Board
of Directors ("Board"), completing the Company's Board roster.
Matt Derella, 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 Acquisition Corp. will also join the
Board.
"Matt, Lisa, Michael and Jeff are invaluable additions to our
team given their extensive expertise engaging consumers across a
multitude of platforms, scaling businesses and building world-class
brands," said Dee Choubey, MoneyLion
co-founder and CEO. "I look forward to working with each of them to
push MoneyLion further and deliver on our mission to empower
hard-working Americans to take control of their finances and
revolutionize the way the world manages money."
The post-merger MoneyLion Board, led by 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
Derella, Gary, Gersh, and Paull along with Annette Nazareth, former
SEC Commissioner, Ambassador Dwight Bush
Sr., former Ambassador to Morocco, and existing directors Choubey,
Chrystal, vice chairman of The Bancorp, Inc., Greg DePetris, fintech and securities industry
veteran, and Chris Sugden, managing
partner, Edison Partners.
Matt Derella
Derella is a technology expert with extensive experience leading
companies through business and cultural transformations. Since
joining Twitter in 2012, Derella has overseen the company's revenue
performance, content partnerships, country operations and customer
service. Prior to joining Twitter, Derella spent five years at
Google holding various leadership roles and transforming its
business, which included taking YouTube into the television
marketplace with the platform's first Brandcast event. Derella
holds a B.A. in English from Georgetown
University and is currently on the boards of She Runs It and
Mobile Marketing Association.
"It's an exciting time to be joining MoneyLion as the company
continues to deliver on its strategy to use technology and mobile
banking to improve the way people interact with money," said
Derella. "I'm eager to offer my expertise to help MoneyLion stay at
the forefront of how consumers are engaging across digital channels
and help bring new capabilities to market at the intersection of
content, data analytics, and financial services advice and
solutions."
Jeff Gary
Gary has significant experience in the financial services space
spanning three decades covering M&A, portfolio management,
corporate boards, private equity and SPAC transactions. He is
currently Board Director and CFO of Fusion Acquisition Corp. and
Fusion Acquisition Corp. II and serves as an Advisor/Board Member
to four fintech companies: DealBox, Tokenplace, Arca and Total
Network Service. Previously, he was a Senior Portfolio
Manager at BlackRock, Avenue Capital Group, Koch Industries and
AIG. A Certified Public Accountant, Gary earned an M. B. A.
in Finance from Northwestern's Kellogg
School of Management and a B. S. in Accounting from Penn State University.
"MoneyLion has built a differentiated technology platform that
has the power to revolutionize the way people bank, invest and
manage their money," said Gary. "This a dynamic era for financial
services with big disruption coming in fintech and the next steps
of our journey will no doubt continue to propel this industry
forward."
Lisa Gersh
Gersh is an experienced business and brand builder with more
than three decades of experience across media, consumer goods and
legal industries. Gersh co-founded and served as president and
chief operating officer of Oxygen Media, president and chief
executive officer of Martha Stewart Living Omnimedia, chief
executive officer of goop.com, and as chief executive officer of
Alexander Wang. Prior to leading
these organizations, Gersh began her career at Debevoise &
Plimpton LLP and Friedman Kaplan
Seiler & Adelman LLP.
She currently serves on the board of several public companies
including Hasbro and Pershing Square Tontine Holdings, where she
chairs both companies' compensation committees, and Establishment
Labs Holdings, where she chairs the nomination and governance
committee. Gersh also serves on the board of directors for the Bail
Project and is a member of the Retail Advisory Board of Samsung
Electronics America. Gersh holds a B.S. in political science and
economics from State University of New York
Binghamton and received her Juris Doctor degree from
Rutgers University School of Law.
"MoneyLion is at a pivotal moment amid a dynamic evolution in
how consumers are engaging with brands and content to support their
everyday needs, which is an area of business I'm very passionate
about," said Gersh. "I look forward to working alongside the team
to innovate on how money and life come together for millions of
Americans who need the right resources and tools to be successful
in all aspects of their lives."
Michael Paull
Paull is a seasoned corporate leader with over two decades of
experience in the entertainment, digital, and media space. Since
joining The Walt Disney Company, Paull has played a key role in the
Company's shift to streaming with launches of the flagship Disney+
and ESPN+ streaming services. Before becoming the president of
Disney+ and ESPN+, Paull served as the chief executive officer and
president of BAMTECH Media, vice president at Amazon, executive
vice president of Sony Music Entertainment, and as senior vice
president of Fox Entertainment Group. Prior to holding leadership
positions at these organizations, Paull began his career at Time
Warner, eMachines Inc, and Boston Consulting Group. Paull holds a
B.S. from the University of California
and received an M.B.A. from Harvard Business
School.
"Consumer behaviors and media consumption continue to change
rapidly and that presents great opportunities for disruption in
financial services with innovators like MoneyLion," said Paull. "We
witnessed a similar revolution in the entertainment industry, and I
want to apply that experience to help MoneyLion continue to push
the boundaries of what's possible when you apply technology to help
empower people to improve their finances."
MoneyLion and Fusion Acquisition Corp Business Combination
Update
MoneyLion remains on track to complete its previously
announced merger with Fusion Acquisition Corp.
(NYSE: FUSE) in July of 2021, subject to approval by the
Fusion stockholders and other customary closing conditions.
Upon closing, the newly combined company will operate as MoneyLion
and trade on the New York Stock Exchange (NYSE) under the symbol
"ML".
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 7.5 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
San Francisco, Salt Lake City, 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, please visit
www.moneylion.com. For investor information and updates,
visit www.moneylion.com/investors and follow @MoneyLionIR.
Contacts
Media:
pr@moneylion.com
Investors:
ir@moneylion.com
Additional Information About the Proposed Business
Combination and Where to Find It
The proposed business combination will be submitted to
shareholders of Fusion Acquisition Corp. ("Fusion") for their
consideration. Fusion intends to file a registration statement on
Form S-4 (the "Registration Statement") with the SEC which will
include preliminary and definitive proxy statements 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. After the Registration Statement has
been filed and declared effective, 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, once available, the preliminary proxy statement /
prospectus and any amendments thereto and, once available, 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 will contain
important information about Fusion, MoneyLion and the proposed
business combination. Shareholders may also obtain a copy of the
preliminary or definitive proxy statement, once available, 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 Matt Glover, (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 will be set forth in Fusion's proxy
statement / prospectus when it is filed with the SEC. 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 will be included in the proxy statement /
prospectus when it becomes available. Shareholders, potential
investors and other interested persons should read the proxy
statement / prospectus carefully when it becomes available before
making any voting or investment decisions. You may obtain free
copies of these documents from the sources indicated above.
Forward-Looking Statements
The information in 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 estimates and forecasts of financial and
performance metrics and expectations and timing related to
potential benefits, terms and timing of the transaction. 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 and Quarterly Report on Form 10-Q for the quarter ended
September 30, 2020, 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.
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.
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