MoneyLion Raises Annual Revenue Guidance (FUSE)

MoneyLion Inc. (“MoneyLion” or the “Company”), an award-winning, data-driven, digital financial platform, announced today an update to its annual guidance for fiscal years 2021, 2022 and 2023, ahead of the planned closing of its previously announced business combination (the “Business Combination”) with Fusion Acquisition Corp. (NYSE: FUSE) (“Fusion”).

The revised guidance reflects higher projected user growth, along with the expected revenue contribution of planned product launches this year, including MoneyLion’s new Crypto and Buy Now Pay Later offerings, that are expected to ramp through 2022 and reach full scale in 2023.

“Our increased revenue and total customer projections for fiscal year 2021, 2022 and 2023 reflect the strong financial performance of both the first and second quarters and solid momentum in our business,” said Dee Choubey, MoneyLion co-founder and CEO. “We are experiencing strong user growth due to demand for our products and the effectiveness of our marketing spend and, following the expected closing of our business combination with Fusion later this month, we are focused on positioning ourselves for optimal execution on our well-defined growth objectives.”

Updated Guidance

1Adjusted Revenue is a non-GAAP measure. Adjusted Revenue is defined as total revenue, net plus amortization of loan origination costs, less direct charge offs, revenue from phased out products and non-operating income.

2Adjusted Gross Profit is a non-GAAP measure. Adjusted Gross Profit is defined as gross profit less revenue from phased out products and non-operating income.

3Adjusted Net Income is a non-GAAP measure. Adjusted Net Income excludes fair market value adjustments for convertible notes and warrants of $98.4M through Q2 2021.

The Company cannot reconcile the projected Adjusted Revenue to total revenues, net or Adjusted Gross Profit to gross profit, or Adjusted Net Income to net income without unreasonable effort because certain items that impact total revenues, net, gross profit and other reconciling metrics are out of the Company’s control and/or cannot be reasonably predicted at this time.

Upon closing of the Business Combination, the combined company will be named MoneyLion Inc. and will be listed on the NYSE under the new ticker symbol "ML."

MoneyLion is hosting a virtual Investor Conference on Monday, September 13, 2021, at 1:00 p.m. Eastern Time. During the live webcast, members of the MoneyLion executive team will present the company's growth strategies, product roadmap, recent financial results, and other key operating highlights. Existing and prospective investors can register to attend the event here. A replay of the webcast will be made available on the Investor Relations section of MoneyLion’s website at moneylion.com/investors.

About MoneyLionMoneyLion 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 over 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. Fusion 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.

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