June 8, 2021 8:30 am
Appointments to take effect following completion of the company’s public listing
NEW YORK, June 8, 2021 – MoneyLion, 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 the appointments of The Honorable Annette Nazareth, senior counsel at Davis Polk & Wardwell, and Ambassador Dwight Bush Sr., chief executive officer of DL Bush & Associates, to the company’s Board of Directors. Both appointments will be effective at the closing of the business combination transaction.
Amid well-established careers in the legal and financial services sectors, both served the United States as presidential appointees – Ms. Nazareth as commissioner of the U.S. Securities and Exchange Commission (SEC) and Ambassador Bush as U.S. ambassador to the Kingdom of Morocco.
“We are honored to welcome Annette and Dwight to the MoneyLion team,” said Dee Choubey, MoneyLion co-founder and CEO. “They bring unmatched expertise in the regulatory, governance, and business aspects of the consumer finance and investment industries, which are invaluable to our team. I look forward to their guidance and working together as we continue to deliver on our mission to use the power of technology to help millions of hard-working Americans take control of their finances.”
Ms. Nazareth brings deep knowledge of the dynamics of financial markets to MoneyLion, having been a key player in U.S. financial services regulatory reform and policymaking for much of her 40-year career. In 2005, she was appointed an SEC commissioner by President George W. Bush, where she worked on numerous groundbreaking initiatives, including execution quality disclosure rules, implementation of equities decimal pricing, short sale reforms, corporate debt transparency rules and modernization of the national market system. She held several positions over the course of a decade at the SEC, including as director of the Division of Market Regulation (now the Division of Trading and Markets) and as senior counsel to the chairman and interim director of the Division of Investment Management.
Ms. Nazareth currently serves as senior counsel at Davis Polk & Wardell, where she led the firm’s Trading and Markets practice as a partner of the firm for more than a decade. She holds an A.B. in history and economics from Brown University and received her J.D. from Columbia Law School.
“I’ve spent my career working to ensure that the financial services available in this country serve the interests of everyone and it was important for me to find a company that shares that mission,” said Ms. Nazareth. “Having worked on the regulatory side for many years, it feels like a natural progression to now become more directly involved in the solutions that can have a meaningful and positive impact on the financial journeys of millions of people.”
Ambassador Bush served as U.S. ambassador to the Kingdom of Morocco under President Barack Obama from 2014 to 2017, following decades as an executive in the financial services industry. He started his career at Chase Manhattan Bank where he focused on international corporate banking and corporate finance assignments in Latin America, Asia, and the Middle East. He served as a vice president of corporate development at Sallie Mae Corporation, then as a principal at Stuart Mill Capital, LLC, and vice president and chief financial officer at SatoTravel Holdings, Inc. He was also president and CEO of Urban Trust Bank and affiliated companies, and president of UTB Education Finance, LLC from 2006 through 2008. In 2020, Ambassador Bush became a Trustee of Goldman Sachs Trust, fiduciary for Goldman Sachs’ multi-hundred-billion-dollar mutual fund business.
Ambassador Bush founded DL Bush & Associates, a Washington, DC-based strategy and business advisory firm, and currently serves as its chief executive officer. He has served on the boards of Urban Trust Bank Holdings, UTB Education Finance, LLC, U.S. Education Finance, LLC, and Urban Cableworks, and was a director of JER Investors Trust Inc. He holds a B.A. in government from Cornell University.
“The financial services landscape is rapidly evolving and the capabilities MoneyLion is bringing forward are critical to increasing access and engagement in personal finance, particularly among traditionally underserved communities who have some of the greatest needs,” said Ambassador Bush. “I look forward to working with the team to help take the company to its next level and in doing so, help define the next chapter of banking and investing for all Americans.”
MoneyLion remains on track to complete its previously announced merger with Fusion Acquisition Corp. (NYSE: FUSE), subject to regulatory and shareholder approvals 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, visit www.moneylion.com
Media Contacts:
# # #
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 Acquisition Corp. (“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, 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 a registration statement on Form S-4 (the “Registration Statement”) with the SEC which includes a preliminary proxy statement and will include 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. After the Registration Statement has been 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 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 proxy statement or, once available, 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 Matt Glover, (949) 574-3860, [email protected].
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 will be included 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 will be included in the Registration Statement (and will be included 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 when it becomes available 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.
Share on LinkedIn