MoneyLion SPAC Presentation Deck
ATTRACTIVE INITIAL VALUATION RELATIVE TO PEERS
FV / 2021E revenue
/ 2021E growth
2020P-2022E
Revenue CAGR
17x
MoneyLion
0.2x
9x
84%
39x
FV/2022E
Median: 16x
affirm
1.0x
30x
31%
35x
afterpay
0.5x
24x
56%
22x
OpenLending
0.2x
16x
71%
22x
Square
0.6x
17x
33%
19x
12x
SoFi :::
0.3x
55%
16x
12x
0.3x
47%
FV / 2021E Revenue
■FV / 2022E Revenue
41x
31x
High-growth
High-growth
Upstart FinTech / Payments (1) Financial SaaS (¹)
adyen bill.com
Avalara Anaplan
coupa
ilincino. Q2
Duck Creek
Technologies
lightspeed
S shopify
1.1x
23x
35%
19x
1.0x
1⁰⁰
23%
Source: Factset as of 01/22/2021, Management estimates, company filings
Note: Calendarized to 12/31 year end; Revenue metrics for Shopify, Afterpay, Lightspeed based on gross revenue; Revenues for Open Lending and Upstart based on fees charged from bank and lending partners; Revenues for SoFi based on management
projections. FV for SoFi based on SPAC share price and cap table from investor presentation.
1. Financial data for peer group based on median financial metrics.
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