Benzinga | Jul 15, 2020 01:30PM EDT

MoneyLion Introduces RoarMoney, A New Take On Mobile Banking

In partnership with Mastercard Inc (NYSE:MA), MoneyLion formally announced the launch of RoarMoney, a new demand deposit account powered by Meta Financial Group Inc (NASDAQ:CASH) subsidiary MetaBank.

What To Know

MoneyLion is a holistic platform for wealth accumulation and management. As part of a vision to meet the needs of its consumers more efficiently, MoneyLion introduced RoarMoney to improve access to payday funds, mobile wallet capabilities, advanced cybersecurity, instant cash, cashback rewards, and more.

"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."

The development also means that MoneyLion users will have exclusive access to the Mastercard network of benefits and products, such as Tap & Go contactless payments, Identify Theft Protection, Price Protection, and more.

Why It Matters

Overall, the new tool delivers on MoneyLion's commitment to value and fee transparency.

"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."