New digital banking solution drives greater financial inclusion
Galileo, the company that powers world-leading fintech companies, financial institutions and investment firms, today announced that its powerful and customizable API-based payments processing platform is powering RoarMoney℠, the new demand deposit account offered by award-winning consumer digital finance platform MoneyLion.
MoneyLion, which has soared to mass-market popularity in the U.S. with its all-in-one financial membership platform, earning it the nickname “the Netflix of finance,” leveraged Galileo’s card issuing and digital banking infrastructure to create the cutting-edge features that distinguish RoarMoney. Since launching in 2013, MoneyLion has empowered people to take control of their finances by providing Americans with unprecedented access to the most powerful financial products and services in a single, integrated platform. With its recent launch of RoarMoney, MoneyLion continues to build on its mission of creating the most complete financial platform, which includes innovative mobile banking, lending, credit-building and investing products.
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 cyber security 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.
“Financial inclusion is front and center right now, with millions of consumers reeling from the impact of the pandemic and a new awareness of the inequality that it exposed,” said Galileo CEO Clay Wilkes. “From the beginning MoneyLion has been committed to bringing financial solutions and advantages long enjoyed by just a few to millions more. We’re proud to partner with them to bring this powerful new solution to market.”
"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," said MoneyLion CEO Dee Choubey. “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.”
*With direct deposit. Faster and easier access to funds is based on comparison of traditional banking policies and deposit of paper checks vs. deposits made electronically and the additional methods available to access funds via a card vs. paper check.
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