MoneyLion has teamed up with Mastercard to launch a mobile banking service called RoarMoney, which provides an on-demand deposit account with access to interest-free cash advances, cashback rewards and Tap & Go contactless payments.

The service is backed by MetaBank N.A., which is a strategic investor in MoneyLion.

"With RoarMoney, we've completely reimagined the mobile banking experience by going above and beyond what consumers expect from their banks," Dee Choubey, CEO of MoneyLion, said in a company release. "While RoarMoney can be used as a standalone bank account, it's designed to be most powerful when used in conjunction with our lending and investing products."

The RoarMoney account costs $1.00 a month, however, it has no monthly minimum balances or other hidden charges. Customers also have no-fee access to more than 55,000 ATMs.