In April 2025, Transunion completed its acquisition of Monevo (a UK-based credit prequalification platform). In today's News Pod, Nick discovers that TU paid $56MM and that TU expects the Monevo acquisition to be immaterial to FY 2026 growth for TU. (Sources of that information below). Carlos and Nick discuss the Monevo business model and speculate on why growth could be muted in the US market.
Please note: While recording the Pod, Carlos thought he heard Nick say that TU expects the revenue contribution in 2026 from Monevo to be immaterial (instead of the growth contribution from Monevo in 2026 to be immaterial). That colored his commentary in the episode.
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"In October 2021, we acquired a 30% equity interest in Monevo Limited (“Monevo”), which we accounted for as a Cost Method Investment. On April 1, 2025, we acquired the remaining 70% of the outstanding equity of Monevo and gained control of Monevo by exercising a call option we had obtained when we made our initial investment. The strike price of the call option paid at closing was $56.0 million, which was funded with cash on hand. Cash acquired from Monevo in connection with the transaction was $0.3 million, resulting in a net cash payment of $55.7 million. There was no contingent consideration related to this transaction."
Source: https://investors.transunion.com/~/media/Files/T/Transunion-IR-V2/reports-and-presentations/transunion-q3-25-10-q.pdf
"Additional revenue growth assumptions: The impact of our Monevo acquisition is expected to be immaterial for Q1 2026 and FY 2026."
Source: https://investors.transunion.com/~/media/Files/T/Transunion-IR-V2/reports-and-presentations/q4-2025-earnings-release.pdf
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