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MoneyLion in partnership with MetaBank & Mastercard launches RoarMoney

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Dee Choubey, CEO of MoneyLion

MoneyLion, the provider of leading digital finance platform, has announced the launch of RoarMoney, a new demand deposit account powered by MetaBank and featuring Mastercard as the exclusive card network.

RoarMoney aims to meet the evolving needs of consumers who are focused on making their finances work for their individual needs. It offers cutting-edge features like two-day early paydays, advanced mobile wallet capabilities, multiple funding options, advanced cybersecurity and near real-time transaction alerts. RoarMoney users will also receive access to other valuable MoneyLion member benefits, such as zero-percent APR Instacash advances up to $250, the ability to earn cashback rewards when using the MoneyLion Debit Mastercard, and a suite of personal finance tools, including MoneyLion’s Financial Heartbeat, a weekly spending report and more.

RoarMoney accounts are established by MetaBank, a federally chartered bank and is also a strategic investor in the firm’s Series C financing round.

“With RoarMoney, we’ve completely reimagined the mobile banking experience by going above and beyond what consumers expect from their banks. While RoarMoney can be used as a standalone bank account, it’s designed to be most powerful when used in conjunction with our lending and investing products. For example, Instacash, our zero APR cash advance product, works seamlessly with RoarMoney, allowing our customers to tap into a source of short-term financing and access the funds within minutes. And with our easy Auto Invest feature, RoarMoney customers can set up recurring transfers from their RoarMoney account into their MoneyLion Investment account, which offers personalized investment portfolios with no minimums or asset-based management fees,” said Dee Choubey, CEO of MoneyLion.

“MoneyLion’s mission is to create financial access for hard-working Americans. And today, that promise has never been more important, given the financial challenges many Americans are experiencing around the country,” continued Choubey.

Mastercard will work with MoneyLion to offer consumers with the leading benefits and products they expect and need, like the MoneyLion Debit Mastercard and subsequently expanding to other offerings. The MoneyLion Mastercard will provide consumers with Tap & Go contactless payments, enhanced security features including identity theft protection, price protection and more. RoarMoney is priced at $1.00 a month, with no account minimums and hidden fees for its standard service.

“MoneyLion shares our mission of providing consumers with greater financial access, making our partnership a natural fit. We value MoneyLion’s commitment to providing its members with powerful tools to help them take control of their financial lives, and we’re excited to build upon our partnership to deliver top-of-the-line financial services,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.

Recently, Paxos unveiled Paxos Crypto Brokerage Service & partners with Revolut.

Founded in 2013, MoneyLion is a leading mobile finance platform that empowers consumers to take control of their financial lives through better products for borrowing, saving, and investing. It uses superior analytics and machine learning-based risk technology to gain a 360-degree view of its users’ personal finances, enabling better underwriting and the development of tailored financial product offers.

Source: on 2020-07-16 04:37:30

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