MoneyLion - Q4 2021

Transcript

Speaker 0

Good day, and welcome to MoneyLion Inc. 4th Quarter and Full Year 2021 Earnings Call. Joining us today are Di Chaobei, CEO and Co Founder Rick Curia, Chief Financial Officer and Alex Kovtun, the Company's External Director of Investor Relations. Chao Bei. At this time, all participants are in a listen only mode.

A question and answer session will follow the formal presentation. Cao Bei. Please note this conference is being recorded. Before we go further, I would like to turn the call over to Mr. Kovtun as he reads the company's Safe Harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward looking statements.

Alex, please go ahead.

Speaker 1

Good morning, everyone, and thank you for participating in today's conference call Chauvet's Results for the Q4 and Full Year Ended December 31, 2021. Joining us today are D. Chauvet, CEO and Co Founder and Rick Korea, Chief Financial Officer. Before I introduce D, I'd like to remind you that any forward looking statements made in this commentary are subject to our Safe Harbor statement found in our SEC filings and in our press releases. Today's call is also accompanied by an earnings presentation that you can view on our webcast Is also available for download on our website at investors.

Moneylime.com. With that, I'll hand it over to D.

Speaker 2

Thank you, Alex. Welcome, everyone. It's an exciting moment for us to be hosting you for MoneyLion's 2nd earnings call as a public company. We've been looking forward to making this update, especially since we've transformed the company with 2 key acquisitions. Before we begin, though, we wanted to acknowledge that despite seemingly having Bei.

The pandemic and our rearview mirrors, we continue going through unprecedented times and we'd like to take this opportunity to recognize the trials and tribulations Ciao Bei. Ciao Bei:] Of all those impacted by war globally and its long reaching implications, including many of our employees here at MoneyLion and their families. With that said, let's get started. Our mission here at MoneyLion is to rewire the American financial system to positively change the path Chauvet of every hard working American. The products we build are mission critical to our customers.

Our values are not our products, but they define our product experience. Our values are our North Star, motivation, community, achievement, happiness. Our business model is quite unique in FinTech. It leverages our own platform of products as well as an open architecture ecosystem to allow third parties to live inside the MoneyLion experience. Our approach is to absolutely be customer centric and that allows us to be an ally to the customer regardless of the end product creator.

In that, we differ significantly from incumbent banks and monoline fintechs. We endeavor to become a daily destination for our customers, Chaubei. The technical architecture of our platform, which centers around the multidimensional understanding of our customers' habits and lifestyle, has been built on our near decade experience in customer due diligence, application of artificial intelligence and machine learning to financial product journeys, risk management and underwriting. This is important and it differentiates us from transactional solutions provided by incumbents. The future of finance is experiential and rooted in personalization.

We have moved quickly to assemble the components we have needed to execute on our FinTech 3.0 strategy, announcing 2 strategic acquisitions in Q4 of MALKA Media Group and Even Financial. With both of these transactions now complete and the teams and their respective capabilities now in place, we are executing on our vision, combining MoneyLion's platform Chauvet. With Malka's content capabilities and growing creator network and even vast distribution network third party product Chao Bai and channel partners as well as the technical infrastructure to embed open architecture web and mobile applications. This starts with delivering daily knowledge and motivational content to our users. MoneyLion seeks to be the ultimate in the know destination Bei providing knowledge and solutions in a hyper personalized and contextualized manner for each individual customer.

We deliver this personalized experience through our own content feed. The feed is an interactive snapshot of a customer's money life. It's a tool That educates users on a daily basis on financial topics in a fun, relevant and engaging way. Our acquisition of Malca Media positions us C. A.

B. I. C. To be authentically involved in the culture of money through conversations being had by today's always on consumer. We will be investing in lifestyle content to Chaubei.

As part of the Moneyline team, MALLC is able to provide us access Chauvet's vast network of creators, which can amplify social messages, increase awareness and drive customer engagement. The Creator Network becomes a brand amplification engine for MoneyLion to engage with fans who are actively turning to social channels for financial education and opportunities. We estimate Melk, as creators, provided over 69,000,000 MoneyLion brand impressions in Q4 alone. And this doesn't include a $4,000,000 earned brand benefit that MoneyLion achieved through Molica's network to create a massive Super Bowl campaign hosted by Mike Tyson. You may have also seen that we partnered with Michael Jordan's race team 2311 along with Bubba Wallace.

We have now amassed a dedicated creator network a financial advice expert from beyond who reach millions of viewers across all social channels on a daily basis. This network is growing every day and has now become the vehicle we will use to amplify our platform among all of our most important social communities. Our full suite of financial products are all built and in market. Our solutions bundle financial superpowers that serve customers in times of excess And in times of need. It starts with our powerful RoarMoney banking account that has a full suite of banking and payment solutions.

And we keep adding to it, Including new ways to pay bills, auto deposits and continuous improvement to the user experience. Our low cost fully managed investing solution is a must have for all households And we're seeing great engagement with roundups and auto invests. We provide access and education to new asset classes with self directed crypto Ciao Bei, Round Ups and Investing, and we provide access to all types of credit products now in MoneyLion, including student loans, credit cards, personal loans and mortgages. Of course, in 2021 Instacash, our advanced product, continues to show fast growth product market fit and escape velocity Chaubei. All of these solutions are in market and there's nothing here on to come.

We've talked to you about content and solutions. Let's talk about the technical infrastructure needed for distribution. In the past, we fulfilled single point needs. Now our AI technology combines discovery and intent. We were already down the path of building out our marketplace in 2021, But we can now fulfill almost all customer product intent with a vast network of curated third party financial and non financial products from our acquisition of Even Financial.

Chaubei. Even creates significant two sided network benefits for Moneyline. For 1, through an API, Moneyline first party products can now be embedded into mass market popular and leading news sites, financial content publishers, credit comparison portals and into cross sell flows of hundreds of financial institutions. On the other side, every type of third party loan product, insurance product, including home, renters, auto and life insurance, lifestyle products, credit cards and mortgages can now be offered natively through the MoneyLion app. We can credibly say every adult consumer in America can now use MoneyLion to discover the optimal basket of financial products customized exactly for them.

The network now has offers that span the FICO credit spectrum from 300 all the way to 850 FICO score. The good news Chao Bei. This API integration is done and in market. We're rapidly working on additional synergies that will continue to improve the consumer value proposition throughout 2022. This evolution has been a natural progression for us starting all the way back in 2013 when we launched a single beachhead lending product And used our compounding data advantage to evolve into a multifaceted, multiproduct super app.

Think about it. Together with Even, We have seen 125,000,000 Americans come through our ecosystem. The power of the community gives us a large competitive advantage to close The growth loop of providing that data driven hyper personalized content feed we just described. Now, the goal is to deliver the super app Wherever consumers are spending their attention, this is the big bet. Our strategy with the acquisition of Even is to become the market and participate on both sides of the supply and demand equation.

Our data advantage is compounding. We track over 17,000,000 bank accounts and have 55 machine learning models running in production. The aggregate power of the community allows us to build deep insights and play them back daily to users. The data flywheel leads to better risk predictions, higher engagement and retention, higher ARPU and the ability to launch 1st party products faster based on the data driven approach. The data advantage also makes our content more relevant and more personalized, which creates more opportunities for viral loops and 2 sided network effects.

2021 was a remarkable year in the history of MoneyLion, full of milestones. We successfully completed our public listing in September, providing us with a fortified balance sheet. As we've said and it's important to repeat it, we are a unique growth story in the public markets. Some of the tailwinds that drive our growth are changes in how Americans work With an acceleration in the gig economy, changing the way credit products are consumed and changes in how consumers access financial recommendations, the community driven Discord and social media platforms. We increased the global team to 700 plus members.

A majority of our resources Chao Bey. We're able to hire the best and the brightest product managers and engineers, And we continue to find increases in productivity while navigating a national and global workforce through the pandemic. We continue to invest in resources in Bay, Kuala Lumpur, Malaysia location and continue to be one of the leading technology employers in that region, giving us significant competitive advantages in the speed of execution. On the heels of our mission, vision and business model, we posted record results in Q4 2021 as well as for the full year 2021. We grew customers to $3,300,000 We originated $1,000,000,000 in credit.

Our total products grew to $8,000,000 used by our customers And we expanded our global employees to just over 700. On the growth side, we saw 129% Year over year total customer growth. We saw 149% year over year total origination growth and 112% Year over year adjusted revenue growth in Q4 2021. From a performance perspective, we continue to see strong unit economics. We saw 60 plus percent adjusted gross profit margins.

We had a $70 average revenue per user with upside to over $135 for mature cohorts. And from an acquisition perspective, we continue to see efficient payback periods with a less than 6 month payback period on customer acquisition costs. Our top of the funnel advantages continue to persist in Q4 and the flywheel effect of our multi product strategy is working. While others are just getting on to adding cross sell features and product Chao Bei. Our technology platform has been built from the ground up to foster a holistic relationship as opposed to a transactional one time relationship.

We're seeing this approach pay off With our customers now trusting us with a second, 3rd and 4th and sometimes even a 5th product. Once they're in, they don't have to leave Chao Bey, and the total products consumed by MoneyLion customers. We have 10,800,000 registered users on the MoneyLion platform At the end of 2021, of those total customers with at least one financial account, which is a higher bar of user measurement than what the industry typically discloses, increased to $3,300,000 at the end of the year, vastly exceeding our 2021 full year expectations. Those 3,300,000 customers have taken out 8,000,000 products on our platform, representing a 79% growth from Q4 2020. Total product adoption over a cohort continues to increase as we cross sell throughout the lifecycle of the user.

It's also a testament to our multi product, multi feature FinTech platform approach. As we think about 2022, we find ourselves in a great position to continue delivering efficient customer and revenue growth, While gradually approaching breakeven adjusted EBITDA as we exit calendar year 2022, our balance sheet is strong And we have good visibility into the levers of efficient growth. While we will continue to invest smartly in our people, in marketing Chao Bei and in expanding our capabilities, we are scaling into profitability and enjoying the benefits of strong unit economics and the operating leverage of the foundation we have invested in. We ended December 31, 2021 with $246,000,000 of cash and C. Wei, and we're confident we will drive towards it, all the while continuing to drive a year over year near 100% growth rate.

In conclusion, I'd like to drive home that we are in a great position with a well capitalized balance sheet to scale our user base and drive efficient revenue growth this year. Our acquisitions position us with the team and the capabilities needed to execute the most interesting strategy in FinTech. Our investments in content, technology and network are compounding. MoneyLion will always innovate on bringing together the best of FinTech, easy to use powerful financial Bei's insights, advice encapsulated by a delivery mechanism that aims to be at the center of the culture of money and making it fun while doing it. With that, I'll pass it off to Rick run through the 2021 results and 2022 guidance in more detail.

Speaker 3

Thanks, Di. Good morning to everyone and welcome to our Q4 'twenty one and full year Chaobey. Off the back of our IPO in September, we executed on several ambitious strategic growth initiatives to position MoneyLion for a differentiated customer value proposition, acquisition plan and financial profile. Our Q4 initiatives included acquiring Molcomedia Group in November, announcing the acquisition of Even Financial Marketplace in December and closed in February. We launched 2 new debt facilities in Q4 to increase our receivables financing capacity threefold and reduced our cost of capital and simplified our funding model.

As you will see in our 2022 guidance, these initiatives have a strong positive impact on our revenue, Profit and EBITDA. Now let's get into our record Q4 and full year performance. I'll start off with an overview of our financial performance for the Q4 and Chaobey and then transition to our key operating metrics, revenue by type, net income and end on our 2022 full year and Q1 financial outlook. As we are going through the financials, please note that unless otherwise stated, I'll be referring to adjusted results and all quarter period references refer to the Q4 of 2021 versus the Q4 of 2020. Our GAAP consolidated financial statements and reconciliations are available in today's earnings release and our upcoming 10 ks filing.

Adjusted revenue for the quarter grew 112% year over year to $54,000,000 another record quarter for us and our 4th consecutive quarter Chaubei with 100% plus year over year growth. In Q4 2021, we generated $36,000,000 of adjusted gross profit, which is an increase Zhao Bayi. Gross profit was also realized at a higher gross profit margin of 66% versus 56% in Q4 2020. That represents an 18% year over year gross profit margin improvement. For full year 2021, we generated $165,000,000 of adjusted revenue, which is 117% increase versus full year 2020 and exceeded our revenue guidance that we raised upwards from $144,000,000 to 155,000,000 in September, representing a 15% beat over our original 2021 guidance.

Importantly, We accomplished these record levels while generating $104,000,000 of adjusted gross profit at a 63% gross profit margin. Our 2021 full year gross profit margin of 63% represents a 25% increase over full year 2020. This is a critical differentiator for MoneyLion as historical investments in our technology platform, data and artificial intelligence driven processes are translating into margin expansion. 3 key performance metrics drove our performance. Those include total customers, total originations and total products.

First, total customers, which is defined as the cumulative number of Chaubei, customers that have opened at least one account including banking, membership, secured a personal loan, Instacash Advanced, a managed investment account, a crypto currency account or affiliate product. As Dhe mentioned, our customer growth continues to be above plan as we added approximately 600,000 new customers in Q4 and ended the quarter with 3,300,000 customers, representing 129% year over year increase. Given our $70 ARPU on a user in the 1st 12 months on our platform, with mature cohorts yielding over $135 of ARPU, These customers continue to represent strong unit economic potential and revenue growth. Shifting to our operating metrics, total originations, which is defined as the dollar volume of the secured personal loans originated revenue. Also, given the GAAP requirement to book credit provisions and reserves upfront, this metric along with our provisions line provides transparency into the strong performance of our credit products.

This of course highlights where originations in excess of our plan can drive non cash provision expenses on our statement of operations. However, as you will see from the provision to originations ratio later in the presentation, credit performance is very consistent, which is indicative of our highly predictive AI based underwriting models. We had yet another consecutive record quarter with $386,000,000 of originations, which is 149% year over year increase and translated directly into our Q4 revenue performance. This also provides strong momentum for upcoming quarters. Lastly, total products is a key driver of both engagement and revenue.

Products is the total number of Bay. Our customers have opened including banking membership subscription, a secured personal loan, Instacash Advance, a managed investment account, a cryptocurrency account, an affiliate product or signing up for our financial tracking services. If a customer has funded multiple secured personal loans or Instacash advances, it is only counted once for each Chaobei. From a business equation perspective, we see this as a better metric versus any one of our standalone product KPIs as it demonstrates the utilization of products Chaubei. Total products were at a record $8,000,000 which is a 79% year over year increase and is driven by strong product adoption and cross selling and continues our strong revenue per product trend.

Importantly, the increasing total product trend drives our ability to increase ARPU from $70 for all customers to $135 of ARPU for mature cohorts, meaning customers that are on the platform for more than 12 months. Our success in cross selling current and new products to customers is evidenced in both the ARPU and revenue per product trend. Our CAC continues to be well within plan and will increase further in efficiency with the close of the Even Financial acquisition and drives a market leading sub Chaobei. Looking at our financial summary, adjusted revenue by type highlights our detailed revenue performance. I want to remind you that we report across 4 revenue types.

Fees, which is our largest revenue type, represents Revenue from our Instacash and Credit Builder Plus membership. It is made up primarily of optional instant transfer fees and membership subscriptions. Fees generated $39,000,000 of revenue in Q4, representing yet another record revenue quarter and an 89% year over year Zhao BAE. And full year fee revenue of $125,000,000 a 105% year over year increase. We continue to see the benefits of user growth and product adoption in Instacash utilization of instant transfers.

Our high returning customer base and user capacity optimizations drove consistently strong performance in the quarter. Similarly, Credit Builder Plus memberships continued a strong pace as users benefited from bundled pricing and exclusive rewards. Payments. These represent revenue from merchant paid interchange, ATM out of network fees and a user admin fee. Payments generated $3,000,000 of revenue in the quarter, representing a 54% year over year increase and full year payments revenue of $14,000,000 representing 107% year over year increase.

While the largest component of revenue, merchant paid interchange experienced Some seasonality and volatility driven by share rates that vary by merchant and purchase chargebacks. Payments revenue continues to be an important offering from a platform perspective as it drives lifetime value by unlocking both user data and a better experience across our higher margin products. Advice, This represents revenue earned from our managed investing platform and our 3rd party product marketplace and revenue from Molcomedia, which Chao Bay. As we continue to surround our customers with engaging content that provides advice, entertainment and education Ciao In Q4, we generated $9,400,000 of revenue, up from $1,400,000 last year. Full year 2020 advice revenue was $1,000,000 versus $3,000,000 in 2020.

Subsequent to the year end, we closed the acquisition of Even Financial Marketplace, which as D explained represents significant strategic value and will also contribute meaningfully to the growth of our advice revenue. Chaobei. This represents the interest from our secured customer loan products that we make available as part of the credit builder program. It generated $2,700,000 of revenue in the quarter, which is up 82% year over year. Full year revenue is $10,000,000 representing an 87% year over Chaubey.

While secured lending is an important product on the platform to be able to meet the full spectrum of customer needs, Our focus is to make the credit available while monetizing through our other product offerings. Shifting to EBITDA. As D. Highlighted, we are taking advantage of our product market fit, attractive unit economics and payback period. Our 66% adjusted gross profit margins and unique platform to drive growth from both the user and product perspective.

These growth investments of course had short term negative implications to GAAP net income contributing to a Q4 adjusted EBITDA loss of 32,000,000 However, we strongly believe driving compounded growth at attractive gross profit margins strategically represents the optimal use of our balance Ciao Bei and will accelerate our path to profitability. Note that we do not include origination financing in adjusted EBITDA, but of course Chaubei. As you will see shortly, adjusted EBITDA is a metric that we will use on a go forward basis for earnings guidance. Looking at adjusted net income, as we discussed, Q4 was another transformative period for MoneyLion. Shortly after becoming a public company in September, which strengthened our balance sheet to adequately fund our financial plan, we delivered on several strategic initiatives outlined earlier.

Of course, with these strategic initiatives, we realized a few one time expenses, but more importantly, we funded user and product growth outperformance, which fuels Q4 and creates strong momentum for Q1 2022. With that backdrop, our adjusted net loss for Q4 2021 is 34,000,000 Further, we do attribute $8,000,000 unplanned expenses from MALKA and bank charge backs and $4,000,000 of costs in quarter from variable costs driven by our outperformance versus plan due to variable user acquisition and origination costs. Given our consistent user CAC, short payback periods, increasing revenue per product and consistent credit performance, our focus on growth outperformance is warranted and will continue to be a priority in Q1. Excluding these costs from outperformance metrics, our adjusted net loss was $22,000,000 for Q4. Before moving into 2022 guidance, we want to provide transparency into 2 items affecting our Q3 2021 financials.

First, a net $4,000,000 non cash fair market value adjustment to our Q3 reported net loss. And second, the calculation of diluted Net income per share for Q3 should have included the impact of dilutive securities. Both of these isolated items have resulted in a restatement of the Q3 Financials on Form 10 QA, which we released today. Again, these are non cash adjustments being made to the Q3 2021 financials and have no impact to our Q3 or Q4 2021 operating performance.

Speaker 4

They have

Speaker 3

no impact to our adjusted EBITDA or adjusted net income metrics given we already exclude fair market value adjustments. They have no impact to our cash position or Chaobey's 2022 guidance and they're isolated to the intra quarter completion of the IPO. Lastly, We are highly encouraged by the performance of our business and the momentum with which we entered 2022. Our strategic acquisitions, Growth Priorities, Platform Investments and Product Optimizations give us considerable confidence in our business equation and as such Bai. We are expecting strong originations, customer adds and product adoption to drive 2022 full year revenue of between 325,000,000 $335,000,000 at a 60% to 65% gross profit margin that will put us on a path to profitability.

In 2022, we are expecting a $45,000,000 to $50,000,000 full year EBITDA loss. However, as a testament to our platform Chaubey, Strategy and Unit Economics, we expect to exit 2022 with a breakeven adjusted EBITDA. Looking at our Q1 2022 guidance, in terms of this quarter, we are expecting to generate $60,000,000 to $65,000,000 Chaubei at a 60% to 65% gross profit margin with an EBITDA loss of $20,000,000 to $25,000,000 which again puts us on our near term path to profitability. As you can sense from our tone, we are very bullish on MoneyLion and look forward to being the platform of choice For hardworking Americans. With that, I'll turn it back to D.

For final comments and Q and A.

Speaker 2

Thank you very much, Rick. In conclusion, I'll say it again. MoneyLion is pioneering a unique hyper personalized money and lifestyle feed powered by an individual customer's own data. We engage and educate our customers with money related and money adjacent content, including video, podcasts, Chauvet shows, live events and seminars. This helps us create a long term relationship with the user.

Our business equation works by monetizing through our proprietary first party financial products like banking, credit, Instacash Investing, crypto and advice and 3rd party products through our marketplace technology, Even Financial. This strategy allows us to rewire the American Financial System to positively change the path of every hardworking American. Thank you very much for spending some time with us today. With that, I'll turn it over to the operator for Q and A.

Speaker 0

Thank you, sir. At this time, we will be conducting a question and answer session.

Speaker 5

D. Chao Bey.

Speaker 0

And our first question will comes from George Sutton with Craig Hallum.

Speaker 5

Nice to finally have these results. So D, you mentioned the big bet that you're making, which I found to be an interesting way to look at this. Could you talk about what you mean by the big bet and how do we best measure the success in your view of that bet?

Speaker 2

Sure. So, as we said in the conversation, We acquired Even Financial. So if you think about what Even Financial is, it is purely infrastructure technology to connect 500 channel partners to 400 financial product manufacturers. And with that technology, MoneyLion gets to live everywhere. So if you think about some of the challenges that the industry faces or what the market faces, it's all around customer acquisition.

And what This infrastructure gives us is an unfair advantage in our ability to provide our first party products inside all of those 500 financial partners, on the front end as well as on the back end. So with that API Rail, we get to become, if you will, Embedded inside of the websites, the portals, the entertainment sites where our customers are spending a lot of their time. So if you think about the CAC and the customer acquisition model, on the one side we have our creator network, where we're now engaging with consumers on TikTok, on Instagram and social And then with Even Financial, we're now engaging with consumers wherever they're spending their attention. So this idea of MoneyLion Everywhere is the big bet that we're making with the 2 acquisitions.

Speaker 5

Now I'm fascinated by the opportunity provided by the 7,500,000 Folks that you brought in, but have not yet gotten a product. Can you talk about how even influences that opportunity? And then How does it also influence that $130 mature cohort number that

Speaker 2

you talked about? Yes, it's a great question. So if you look at our evolution And as we started the business, we were a monoline lending product from 2013 to 2017. We added robo advisory because we saw That the average American household didn't need a loan more than 2 or 3 times a year. And we were very specific and we were very intentional with the user base that we were going As our data advantage has compounded over the years, we now have seen over 17,000,000 bank Chao Bey.

So what this gives us is truth serum. It tells us exactly how many tacos get eaten in Texas, how much gas goes in the cars in Ohio. And that microeconomic view of the American consumer on an aggregate basis has made MoneyLion Really a data play from an engagement perspective. And now what we see is that instead of being very specific From a segmentation perspective, the existence of Even Financial, up market products, higher FICO products, student loans, Every American, and I said this in the earnings call, that every American consumer now can download MoneyLion, engage with our blogs, engage with our content And find a path, a customized and personalized path for the right product. So if you think about some of the capabilities we now have with Even, If you're looking for a mortgage, you can look at you can look for that mortgage through MoneyLion.

If you're looking for an insurance product, come to MoneyLion. And not only will we provide The right product, we'll customize it and we'll give you a playback of how that fits into your specific Lifestyle and your specific financial profile.

Speaker 5

As a MoneyLion customer currently in Texas Planning to have tacos for lunch, I find that very humbling. Lastly, if I could, you mentioned 69,000,000 impressions from Molka in the quarter. Can you just give us any sense of a way

Speaker 2

to quantify that in terms of value to you?

Speaker 4

Yes, it's a great question. So when you look at what our trend was in terms of CAC, we've always had that market leading CAC. And we saw a slight increase to that when we were in Q3 and in Q4, we saw that coming back in. And that's part of that strategy in terms of the brand awareness and the investment that we've made with the multimedia acquisition. So we continue to see that translate into what is a low 20s CAC for us.

And so that's where you'll see the value from those impressions.

Speaker 2

Thanks guys.

Speaker 0

Thank you. Our next question comes from Josh Sieglar with Cantor Fitzgerald. Please proceed with your question.

Speaker 6

Yes. Hi, good morning. Thanks for taking my question. Can we have an update on the integration Chaubei. In which quarter will we start seeing a material impact and is it factored into your current guidance?

Speaker 4

Yes. Thanks, Josh, for the question. Yes, certainly, it is factored into our guidance. Where you'll start to see those synergies Is through our Affiliates Marketplace business. And you'll also start to see it in terms of our CAC As we continue to expand that top of funnel through the even marketplace.

And then lastly, the ability for us to distribute MoneyLion's first party products Into that ecosystem, you'll see us be able to kind of drive that products, KPI that you see that we Have generated over $8,000,000 kind of products consumed on the platform. And so that's where you'll start to see the benefits of those acquisitions. In addition to that, with Molcomedia, the synergies have already started to be integrated in terms of the customer experience. And so seeing just that enhanced feed, Driving that content engagement and advice within the MoneyLion feed allows our customer to have that more engaging experience, Drives that lifetime value, which as you'll see continues to expand out with the Multimedia acquisition.

Speaker 6

Great. Thank you for the color there. My other question, how did retention trend in 4Q? And do you expect it to actually improve as we move into 2022, Especially considering the additional solutions and content you're bringing in the platform.

Speaker 4

Yes, retention continues to be an exciting metric for us in that as we've both increased that engagement and The advice and content within the platform alongside having now not only first party products, but a massive expansion of third party products that are available, Allow us to surround the customer with that right set of financial products and allows us to start to even offer non Chao Bey. And so we're seeing retention continue to be that improving metric for us across the platform. And certainly, we headed into 2022 with a lot of momentum Around just extending that lifetime value.

Speaker 6

Great. Thank you.

Speaker 0

And ladies and gentlemen, at this time, this concludes our question and answer session. I would now like to turn the call back over to Mr. Chaobey for closing remarks.

Speaker 2

Thank you very much. Thank you all for joining our full year results. We look forward to a vanguard 2022 and we look forward to doing this again for Q1 in a couple of months. Thank you very much.

Speaker 0

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.