MoneyLion launches RoarMoney with MetaBank & Mastercard
MoneyLion, a New-York headquartered consumer digital finance platform, launched RoarMoney. The new venture is a demand deposit account powered by MetaBank. It also has an exclusive card network with Mastercard.
RoarMoney offers two-day early paydays, advanced mobile wallet capabilities, multiple funding options, advanced cyber security and near real-time transaction alerts.
RoarMoney users also get access to MoneyLion member benefits. These include: 0% APR Instacash advances up to $250, the ability to earn cashback rewards from leading retailers when using the MoneyLion Debit Mastercard, and a suite of personal finance tools, including MoneyLion’s Financial Heartbeat, a weekly spending report and more.
Mastercard will work with MoneyLion through its debit card and will subsequently expand to other offerings.
The MoneyLion Mastercard will provide consumers with contactless payments, advanced security features including identity theft protection, price protection, and more.
“With RoarMoney, we’ve completely reimagined the mobile banking experience by going above and beyond what consumers expect from their banks,” says Dee Choubey, CEO of MoneyLion.
“While it can be used as a standalone bank account, it’s designed to be its most powerful when used in conjunction with our lending and investing products.”
“MoneyLion shares our mission of providing consumers with greater financial access, making our partnership a natural fit,” says Sherri Haymond, executive vice president, digital partnerships at Mastercard.
RoarMoney is priced at $1.00 a month. It alleges to have no account minimums and no hidden fees for its standard service.
Its accounts are established by MetaBank, a federally chartered bank. MetaBank is also a strategic investor in MoneyLion, having participated in MoneyLion’s Series C financing round in 2019.