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  • February 14, 2025
Virus protection company buys MoneyLion in  billion deal

Virus protection company buys MoneyLion in $1 billion deal

Norton Lifelock
Norton and Lifelock are owned by Gen Digital.

Adobe Stock

Gen Digital, a company behind well-known computer and identity theft protection companies, is expanding into consumer lending with a $1 billion acquisition of fintech MoneyLion.

Prague-based Gen – which runs Norton, LifeLock and ReputationDefender – would buy MoneyLion’s platform for credit-building loans and early payday offers. Linking Gen’s identity protection services to consumer lending would increase digital and financial freedom for its customers, Gen CEO Vincent Pilette said in a news release Tuesday.

“By bringing MoneyLion into the Gen family, we are not only helping people protect what they already have, but expanding our capabilities to empower people to better manage and grow their financial wealth,” said Pilette.

Dee Choubey, co-founder and CEO of MoneyLion, said linking the companies’ offerings would “create unparalleled consumer value.”

The deal would also see Gen inherit MoneyLion’s battle with the Consumer Financial Protection Bureau, which is expected to end in 2022 has sued the fintech company. The CFPB alleged that MoneyLion violated laws governing interest charges for military members and said it locked its customers into monthly subscriptions that were difficult to cancel.

MoneyLion has defended himself against the CFPB’s lawsuit, which states that the credit building and membership tools provide value “beyond what any of our competitors offer.” The agency could also take a different position on the lawsuit under President-elect Donald Trump’s nominee to lead the CFPB.

Under the deal, Gen would pay $82 per share in cash for MoneyLion, a value that amounts to about $1 billion, the companies said. The boards of both companies have approved the deal and expect it to close in the first half of Gen’s 2026 fiscal year.

The deal would bring MoneyLion’s 18 million customers to Gen. In an investor presentation, Gen said this would help reach consumers at “earlier stages in their financial lives.”

Gen’s share price fell 3% after the deal was announced, while MoneyLion’s shares rose 13%.

MoneyLion’s products include a checking account managed in partnership with bank Pathward Financial; an Instacash product that gives consumers early access to their pay stubs; loans intended to help customers build or rebuild their credit history; and an online investment account.

The company too allows its checking account customers buy and sell selected cryptocurrencies such as Bitcoin and Ether.