U.S. fintech Galileo announced on Monday it is powering RoarMoney, a new demand deposit account offered by consumer digital finance platform MoneyLion.
According to Galileo, RoarMoney is designed to meet consumers’ financial needs now and as they evolve – from faster access to their funds to safe and secure contactless payment options. RoarMoney offers two-day early paydays, 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 Instacash 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.”
Speaking about the collaboration with Galileo, MoneyLion CEO, Dee Choubey, stated:
“MoneyLion’s commitment to create financial access for hard-working Americans has never been more important, given the financial challenges many Americans are experiencing today. Galileo’s powerful platform provides the infrastructure we needed to offer a reimagined mobile banking experience at scale that we believe all Americans should be able to enjoy.”
Founded in 2000, Galileo claims it has grown to become one of the latest payment processors and program managers in North America. It also says it is the only payments innovator that applies tech and engineering capabilities to empower fintechs and financial institutions to unleash their full creativity to achieve their financial goals.