MoneyLion Completes Senior Debt Refinancing

By Bobby Samwell • Tuesday, November 26 10:21 • Permanent Link

MoneyLion Inc. has successfully completed a senior debt refinancing, significantly reducing its cost of capital by approximately 550 basis points and extending the maturity to 2029. The company closed a $70 million loan facility with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, to refinance its existing senior debt and lower its cost of capital.

The specifics of the new credit agreement with SVB include $70.0 million aggregate principal amount of term loans, which were drawn to repay in full the approximately $65.0 million aggregate principal amount outstanding under the company’s existing loan facility. The proceeds of the initial term loans were utilized to pay transaction-related fees and expenses, as well as for ongoing working capital and general corporate purposes.

MoneyLion's co-founder and CEO, Dee Choubey, emphasized the significance of this refinancing as an important milestone in the company's evolution, enabling them to strengthen their financial position and accelerate organic investments in innovation. The company's President and CFO, Rick Correia, highlighted the benefits of lowering the cost of capital and extending the debt maturity, underlining the strengthening of the financial position to position MoneyLion to scale rapidly and efficiently.

This successful refinancing reflects the company's commitment to empowering consumers with innovative financial solutions and signifies a stronger and more flexible balance sheet commitment from a reputed banking partner, Silicon Valley Bank.

MoneyLion, established in 2013, is a leader in financial technology, offering a top consumer finance super app, a premier embedded finance platform for enterprise businesses, and a world-class media arm. The company's mission is to give everyone the power to make their best financial decisions, serving the many through confidence, guidance, choice, and personalization.

The market has reacted to these announcements by moving the company's shares -3.1% to a price of $84.0. Check out the company's full 8-K submission here.

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