Fintech Latest News North America

MoneyLion Launches RoarMoney an Advanced Mobile Banking Experience

MoneyLion teams up with MetaBank® and Mastercard® to launch RoarMoney, giving consumers easy access to advanced mobile banking solutions such as early paycheck delivery, Mastercard Tap & Go® contactless payments technology, and seamless integration with MoneyLion’s zero-percent interest cash advances, credit building loans, and powerful investing tools.

MoneyLion, the award-winning consumer digital finance platform, today announced the launch of RoarMoneySM, 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 paydays1, advanced mobile wallet capabilities, multiple funding options, advanced cybersecurity, 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.

RoarMoney features include:

EARLY MONEY, EXTRA MONEY

RoarMoney comes with early paydays — up to two days early with direct deposit1, plus access to zero percent APR cash advances up to $250 to cover any unexpected expenses.

TAP & GO® PAY & ADVANCED MOBILE WALLET

Members can choose the color of their new MoneyLion Debit Mastercard, which offers safe, Tap & Go® contactless payments and mobile wallet functionality. Plus, RoarMoney users automatically get a virtual card the moment they sign up — so they can start enjoying their account right away.

PRICE PROTECTION & REWARDS WITH EVERY SWIPE

All cardholders get Price Protection, so if they find a lower price within 90 days of an eligible purchase, they can request a refund for the difference up to $250 per claim — four times per year. Members also earn debit card cashback rewards every time they spend $10 or more2.

ROBUST SECURITY & PEACE OF MIND

RoarMoney comes with ID theft monitoring and protection against unauthorized purchases if the card is stolen3. Users can manage their money securely with the card lock/unlock feature and transaction alerts.

FEE TRANSPARENCY & VALUE

MoneyLion believes in complete fee transparency, offering zero hidden fees — including no minimum balance fees and no ATM fees at over 55,000+ locations.4 And all of RoarMoney’s incredible banking features are offered for just $1 per month.

To learn more about RoarMoney, visit www.moneylion.com, or download the MoneyLion app in the Apple Store or Google Play.

About MoneyLion

MoneyLion is a mobile banking and financial membership platform that empowers people to take control of their finances. Since its launch in 2013, MoneyLion has amassed more than 6 million members and has earned its customers’ trust with a suite of mobile banking, lending, and investment products. From a single app, members can get a 360-degree snapshot of their financial lives and have access to personalized tips and tools to build and improve their credit and achieve everyday savings.

MoneyLion is headquartered in New York City, with offices in San Francisco, Salt Lake City, Sioux Falls, and Kuala Lumpur, Malaysia.

MoneyLion has achieved various awards of recognition including the Finovate Award for Best Digital Bank 2019, Benzinga Fintech Awards winner for Innovation in Personal Finance 2019, and the Webby Awards 2019 People’s Voice Award.

For more information, please visit www.moneylion.com or download the app.

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships, and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

www.mastercard.com

About MetaBank, N.A.

MetaBank®, N.A., a federally chartered bank (“Meta”), is a subsidiary of Meta Financial Group, Inc.® (Nasdaq: CASH), a South Dakota-based financial holding company. Meta is a leader in providing innovative financial solutions to consumers and businesses in under-served niche markets and believes in financial inclusion for all. Meta’s commercial lending division works with high-value niche industries, rapid-growth companies, and technology adopters to grow their businesses and build more profitable customer relationships nationwide. Meta is one of the largest issuers of prepaid cards in the U.S., having issued more than a billion cards in partnership with banks, program managers, payments providers, and other businesses, and offers a total payments services solution that includes ACH origination, wire transfers, and more. For more information, visit the MetaBank website.

DISCLOSURES

RoarMoneySM demand deposit account provided by, and MoneyLion Debit Mastercard issued by, MetaBank®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion, which offers and provides services for the RoarMoney Account among its suite of financial products and services. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Instacash is an optional service offered by MoneyLion. Terms and eligibility requirements apply. See Membership Agreement and help.moneylion.com for more information.

Investment advisory services provided by ML Wealth, LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Investment Account, see Investment Account FAQs and FORM ADV. Broker-Dealer may charge a $0.25 withdrawal fee, among other fees. Accounts are subject to an administrative fee of $1 per quarter.

Rewards are subject to terms and conditions, see here. Rewards are an optional service offered by MoneyLion.

1 With direct deposit. Faster and easier access to funds is based on comparison of traditional banking policies and deposit of paper checks versus deposits made electronically and the additional methods available to access funds via a Card as opposed to a paper check.

2 Should you find a lower price for an eligible new item within 90 days from the date of purchase using your MoneyLion Debit Mastercard, you may be reimbursed for the price difference. For more information about the coverage, you may be eligible to receive, call 1-800-MASTERCARD (627-8372). To file a claim online, go to mycardbenefits.com. Benefits are subject to terms, conditions, and limitations, including limitations on the amount of coverage. Coverage is provided by AIG WarrantyGuard, Inc., an AIG company. The policy provides secondary coverage only. Please reference the Guide to Benefits.

3 Under Mastercard’s Zero Liability Policy, your liability for unauthorized transactions on your Card Account is $0.00 if you notify us promptly upon becoming aware of the loss or theft, and you exercise reasonable care in safeguarding your Card from loss, theft, or unauthorized use. These provisions limiting your liability do not apply to debit.” transactions not processed by Mastercard or to unregistered cards

4 The MoneyLion Debit Mastercard can be used for no-fee withdrawals at ATMs in the Allpoint network. Fees may apply for ATM transactions outside this network.

Author

  • Managing Editor, North America at The Fintech Times

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