MoneyLion Inc. (NYSE: ML), a leading digital ecosystem for consumer finance, announced today the successful completion of a $70 million loan facility with Silicon Valley Bank (SVB), a division of First-Citizens Bank & Trust Company. The refinancing deal replaces MoneyLion’s existing senior debt, effectively lowering the company’s cost of capital and extending the maturity of its debt.
Although MoneyLion’s previous senior debt was not set to mature until 2026, the company’s robust financial position allowed it to secure improved terms through a trusted banking partner. This strategic move positions MoneyLion to further enhance its financial flexibility and continue expanding its platform.
“By lowering our cost of capital and extending our debt maturity, we’ve strengthened our financial position,” said Rick Correia, MoneyLion’s President and Chief Financial Officer. “This enables us to accelerate organic investments in innovation, expand our ecosystem, and scale rapidly as we strive to become the number one destination for financial decisions.”
Details of the Refinancing Agreement with SVB:
- A $70 million aggregate principal amount of term loans, referred to as the “Initial Term Loans,” which were drawn today.
- The proceeds from the Initial Term Loans were used to fully repay approximately $65 million in outstanding debt from the company’s previous loan facility, including accrued interest and related fees, as well as to cover transaction-related fees and expenses. The remaining funds will be used for general working capital and corporate purposes.
“This refinancing marks an important milestone in MoneyLion’s journey as we advance our mission to provide consumers with innovative financial solutions,” said Dee Choubey, MoneyLion’s Co-Founder and CEO. “Partnering with Silicon Valley Bank gives us a stronger balance sheet and a more flexible debt structure, enabling us to pursue our growth initiatives with greater confidence and speed.”
This transaction underscores MoneyLion’s commitment to scaling its digital platform and reinforcing its position as a leading provider of accessible financial services. The refinancing not only strengthens the company’s financial position but also allows it to accelerate its expansion plans and innovate more effectively within the growing consumer finance sector.
