MoneyLion, the award-winning consumer digital finance platform, today announced the launch of RoarMoney, a new demand deposit account powered by MetaBank, N.A., and featuring Mastercard as the exclusive card network.
RoarMoney is designed to meet the evolving needs of consumers who are focused on making their finances work for their individual needs – from faster access to their funds1 to safe and secure contactless payment options. RoarMoney offers cutting-edge features like 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 other valuable MoneyLion member benefits, such as zero-percent APR InstacashSM 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.
As the exclusive card network, Mastercard will work with MoneyLion to offer the leading benefits and products that today’s consumers have come to expect and need, beginning with the MoneyLion Debit Mastercard and subsequently expanding to other offerings. The MoneyLion Mastercard will provide consumers with Tap & Go contactless payments, advanced security features including Identity Theft protection, Price Protection2, and much more. These features reinforce and support evolving preferences for touch-free, secure and seamless ways to pay.
“With RoarMoney, we’ve completely reimagined the mobile banking experience by going above and beyond what consumers expect from their banks,” said Dee Choubey, CEO of MoneyLion. “While RoarMoney 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. 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.”
“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.
“MoneyLion shares our mission of providing consumers with greater financial access, making our partnership a natural fit,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “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.”
In keeping with MoneyLion’s commitment to value and fee transparency, RoarMoney is priced at just $1.00 a month, with no account minimums and no hidden fees for its standard service.
RoarMoney accounts are established by MetaBank, N.A., a federally chartered bank, a leader in providing innovative financial solutions to consumers and businesses throughout the country. MetaBank is also a strategic investor in MoneyLion, having participated in MoneyLion’s Series C financing round in 2019.
