Mobile banking platform MoneyLion has acquired creator network and content platform Malka Media in the latest example of a fintech looking to buy access to potential customers.
Founded in 2012, Malka operates across a host of digital media and content sectors, covering entertainment, sports, gaming, live streaming, and brand storytelling. The firm has 170 people working across every digital medium, from creative advertising campaigns and original branded content to e-gaming livestreams, podcast series, feature length documentaries, sports representation, and marketing.
Following a four year partnership, MoneyLion has decided to buy the firm in the hope that some of Malka's millions-strong audience can be turned into customers, "turning content and culture into commerce".
Dee Choubey, CEO, MoneyLion, says: "We have seen first-hand how Malka’s content capabilities can drive industry-leading customer acquisition and retention at scale. By combining their capabilities with MoneyLion’s financial products and extensive first party data, we will create a durable advantage that accelerates MoneyLion’s customer growth and helps us serve our mission of providing financial access and advice to hardworking Americans."
Fintechs and banks are increasingly turning to the creator economy and niche digital media players to help attract customers.
JPMorgan Chase has acquired college financial planning platform Frank and restaurant discovery platform The Infatuation. Robinhood bought MarketSnacks, a media company that makes financial news digestible, while Strip has acquired the IndieHackers community for software founders and developers.
MoneyLion, which went public via a Spac earlier this year, will pay $10 million in cash and another $30 million in stock for Malka, with a further $35 million in stock dependent on revenue and Ebitda targets being met.