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%
30x
FV/2022E
Median: 19x
0.7x
23x
35%
30x
Square afterpay affirm
0.4x
20x
60%
25x
0.6x
20x
35%
23x
Upstart
0.2x
18x
62%
23x
Op
0.2x
66%
16x
14x
0.2x
9x
55%
FV / 2021E Revenue
■FV / 2022E Revenue
48x
High-growth
SOFI FinTech / Payments
adyen bill.com
36x
lightspeed
shopify
1.2x
39%
20x
17x
High-growth
Financial Saas
Avalara /naplan
coupa!
Incino. Q2
Duck Creek
0.7x
10
22%
Source: Factset as of 04/13/2021, Management estimates, company filings
Note: Calendarized to 12/31 year end; Revenue metrics for Shopily, 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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