Gen Digital Acquires MoneyLion for $1 Billion
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When MoneyLion first started, it set out to solve a simple question: how can financial services work better for people in a digital world? It aimed to make money management easier, more personal, and more connected to everyday life through an app.
Over the past decade, the company built a platform that merged personal finance, embedded banking, and AI-powered tools—growing its reach to over 20 million customers. This week, that journey entered a new chapter.
Shareholders of MoneyLion voted to approve the company’s acquisition by Gen Digital, the cybersecurity group behind Norton, Avast, and LifeLock, among others. The deal—announced in December—values MoneyLion at approximately $1 billion and is expected to close on April 17. With it, MoneyLion becomes a wholly owned subsidiary of Gen, and its stock will no longer trade on public markets.
The move marks a shift for both firms. For Gen Digital, known for protecting identity and data in a digital-first world, the acquisition adds a financial wellness layer to its portfolio. “By bringing MoneyLion into the Gen family, we’re not only helping people protect what they already have, we’re extending our capabilities to enable people to better manage and grow their financial wealth,” said Gen’s CEO Vincent Pilette.
For MoneyLion, the deal accelerates a strategy long in motion—scaling embedded finance and B2B2C AI services that go far beyond traditional consumer banking. In recent months, the company launched new offerings like MoneyLion Checkout, introduced crypto trading directly in checking accounts, and reported a record year in 2023 with 29% revenue growth and $92 million in adjusted EBITDA.
CEO Dee Choubey emphasized that “2024 was MoneyLion’s strongest year ever,” and highlighted how the partnership with Gen would expand the company’s reach. “We’ll deliver MoneyLion’s leading personal financial management tools and embedded financial marketplaces to Gen’s users,” he said, “while bringing Gen’s strong identity, trust and cybersecurity solutions to our customers.”
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