U.S. fintech Galileo announced Monday that it is funding RoarMoney, a new demand deposit account offered by digital consumer finance platform MoneyLion.
According to Galileo, RoarMoney is designed to meet the financial needs of consumers today and as they change – from faster access to their funds to safe and secure contactless payment options. RoarMoney offers two-day advance paydays, advanced mobile wallet capabilities, multiple funding options, advanced cybersecurity, and near real-time transaction alerts.
“RoarMoney users also have access to other valuable benefits of MoneyLion members, such as Instacash APR zero percent advances up to $ 250, the ability to earn Cash Back Rewards from major retailers when using the MoneyLion Mastercard debit card, and a suite of personal finance tools including MoneyLion Financial Heartbeat, a weekly spend report and more Again.
Speaking of the collaboration with Galileo, CEO of MoneyLion, Dee Choubey, said:
“MoneyLion’s commitment to creating financial access for hardworking Americans has never been more important, given the financial challenges many Americans face today. Galileo’s powerful platform provides the infrastructure we needed to deliver a redesigned mobile banking experience at scale that we believe all Americans should be able to enjoy.
Founded in 2000, Galileo claims that it has grown into one of the last payment processors and program managers in North America. He also claims he is the only payments innovator who applies technological and engineering capabilities to enable fintechs and financial institutions to unleash all their creativity to achieve their financial goals.