Mobile banking platform MoneyLion Inc said on Friday it had agreed to go public through a merger with vacant Fusion Acquisition Corp in a deal that focused on equity of the combined company. At $ 2.9 billion MoneyLion said it expects the combined company, which will have a corporate value of $ 2.4 billion, will receive $ 526 million in cash.

The deal will be slotxo backed by a $ 250 million private investment from funds and accounts managed by BlackRock, a subsidiary of Apollo Global Management, among others.MoneyLion, a New York-based fintech company, was founded in 2013 and led by Wall Street executive co-founder and CEO Diwakar Choubey, who held senior positions at Goldman Sachs Group Inc, Citadel and Barclays PLC.

The platform uses machine learning to provide clients with access to micro loans in addition to financial advisory and investment services through a mobile app. SPAC, or special purpose acquisitions such as Fusion, raised capital through an initial public offering (IPO) to acquire a private equity firm that became a public company as a result of a merger.

Online lending startup Social Finance Inc (SoFi) also agreed to go public with a bare audit firm backed by venture capital investor Chamath Palihapitiya in January for $ 8.65 billion.The merger has become popular over the past year as it allows companies that want to go public to avoid scrutiny related to IPOs and remain more stable in Terms of valuation