Mogo reports 130% growth in daily new member additions as Canadians increasingly adopt digital financial solutions

Mogo Inc., one of Canada’s leading financial technology companies, today announced accelerating new member additions. Current daily new member additions are up 130% over the daily average in Q2 2020, driving continued expansion of Mogo’s member base which was over one million members at the end of its second quarter (June 30, 2020).

“Canadians are increasingly looking for mobile solutions to help them manage their financial health, and Mogo is clearly positioned to benefit from this trend,” said David Feller, Mogo’s Founder & CEO. “We are encouraged by the acceleration in new member additions, which speaks to the positive early response to our recently launched MogoSpend – the only card in Canada that helps you achieve a zero debt and zero CO2 lifestyle by automatically offsetting one pound of CO2 for every dollar spent. The growth was also driven by enhancements to the existing products and value proposition, including the first free identity fraud solution in MogoProtect. We will steadily ramp our marketing efforts in the coming months, which should translate to continued strong member growth. With the addition of MogoSpend and the expansion of our referral model, we have an increasing number of ways to monetize our member base as these products and partnerships scale.”

In late July, Mogo announced the launch of its digital spending account, MogoSpend, which comes with a Mogo Visa* Platinum Prepaid Card. The Company plans to accelerate the rollout of this product in the coming months to drive further growth in new members, MogoSpend transaction volume, and overall engagement on the Mogo app.

*Trademark of Visa International Service Association and used under licence by Peoples Trust Company. Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int. and is subject to Terms and Conditions, visit mogo.ca for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC). MogoSpend is only available to MogoMembers with an activated MogoCard. MogoCard means the Mogo Visa Platinum Prepaid Card.

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Author: Lauren Towner

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