Mogo Finance Technology Inc. (GO.TO) ("Mogo") announced today the launch of its new MogoAccount and iOS mobile app, setting a new standard for what consumers expect in a digital banking experience.
With a three-minute account opening experience and instant access to three innovative products, including a free credit score1, the first free credit score in Canada that will be available with free monthly updates, Mogo has achieved a major milestone on its quest to build the best digital banking experience in Canada.
Like many other industries, banking is facing digital disruption as consumers, led by millennials, look for convenient digital access to products that make it easier for them to manage and control their financial lives. Unlike a typical bank account opening experience, with the MogoAccount there's no need to visit a branch and then wait days for the account to open—this all happens in just a few minutes. What's more, consumers do not need to switch banks because MogoAccount is designed to work alongside their current bank account, providing value and utility they aren't getting from their bank or credit union, for free.
Opening a MogoAccount is free and gives consumers instant access to three innovative products with no impact to their credit score:
- Canada's first free credit score with free monthly updates;
- A free spending account with no monthly fee, accessible through a free Platinum Prepaid Visa® Card;
- An instant pre-approval on a personal loan for those who need credit.
"As we all get used to experiences like UBER, we're now expecting the same speed, convenience and value in the other important areas of our life, like our finances. To date, we've invested over $120 million in our platform. This has enabled us to build a quicker experience, like opening an account in a fraction of the time that it takes to open a bank account, while giving people immediate value, such as instantly finding out their credit score—all for free," explained David Feller, Founder and CEO of Mogo. "Our goal is to build the best digital banking experience in Canada and eventually offer all the products you need to manage your financial health, all digitally, and with far less fees than what the banks and even credit unions charge. Our new MogoAccount and mobile app are a key milestone on this journey."
As part of the account experience, Mogo has partnered with Equifax® Canada, Canada's largest credit bureau and provider of data and insights, to bring the free credit score which will be updated monthly for free, to the Canadian market.
"We know that Mogo's mission is to build the best digital banking experience, providing innovative products that are disrupting the market to bring value to Canadians," said Chris Briggs, Chief Marketing Officer at Equifax Canada. "We're excited to partner with them to bring a free credit score, the first available with free monthly updates, to consumers. This is an exciting innovation for the Canadian market."
With more than 225,000 members, Mogo is the leader in building a new digital challenger brand to the banks.
"Now that Tangerine is owned by one of the big 5, we believe that we're the leading challenger brand to the banks. In fact, we're growing faster than any of the top six banks in Canada, and faster than the top credit unions. Within the last year alone we almost doubled our member base, which grew by 100,000 new members, and we expect that with our new digital account, app and free credit score offering, we're well positioned to reach our goal of one million members over the next three years," added Greg Feller, CFO of Mogo.
Mogo will continue to build out its platform with better solutions, and the company expects to launch more digital financial products before the end of 2016.