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July 16, 2020

MoneyLion taps MetaBank and Mastercard to launch mobile banking solution

US-based mobile bank MoneyLion has partnered with MetaBank and Mastercard to launch new mobile banking solutions for consumers.

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The company has launched ‘RoarMoney’ – a new demand deposit account powered by MetaBank with Mastercard as the card network provider.

The MetaBank-established account has no minimum balance requirement, no hidden fees, no ATM fees at over 55,000 locations, and the service fees is priced at $1 per month.

RoarMoney users will have access to mobile banking solutions like early paychecks with MoneyLion’s 0% interest cash advances of up to $250, credit building loans and investing tools.

RoarMoney comes with multiple funding options, and personal finance tools like MoneyLion’s Financial Heartbeat, weekly spending reports and more.

Security features like advanced cyber security, near real-time transaction alerts, identity theft protection, price protection, are also available.

Users will also get access to Mastercard’s Tap & Go contactless payments, and cashback using MoneyLion Debit Mastercard at participating retailers.

MoneyLion CEO Dee Choubey said: “With RoarMoney, we have 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 its most powerful when used in conjunction with our lending and investing products.”

Mastercard EVP of Digital Partnerships Sherri Haymond added: “MoneyLion shares our mission of providing consumers with greater financial access, making our partnership a natural fit.”

Free Report
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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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