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

What there is to know

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

“With RoarMoney, we have completely redesigned the mobile banking experience by going beyond what consumers expect from their banks,” said Dee Choubey, CEO of MoneyLion.

“While RoarMoney can be used as a stand-alone bank account, it is designed to be 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 clients to tap into a short-term funding source and access funds within minutes. Easy automatic investing, RoarMoney customers can set up recurring transfers from their RoarMoney account to their MoneyLion investment account, which offers personalized investment portfolios with no minimum 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, ID theft protection, price protection, and more.

Why is this important

Overall, the new tool respects MoneyLion’s commitment to transparency of value and fees.

“MoneyLion shares our mission to provide consumers with better financial access, making our partnership a natural complement,” said Sherri Haymond, Executive Vice President, Digital Partnerships at Mastercard. “We appreciate MoneyLion’s commitment to providing its members with powerful tools to help them take control of their financial lives, and we are excited to strengthen our partnership to provide premium financial services. “

The story continues

See more Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.