Mogo (TSX: MOGO; NASDAQ: MOGO) has launched its new Rainforest Mode in its app aimed at helping users be more mindful of their spending when using the MogoSpend card.
MogoSpend is currently the only card on the market that offsets one pound of CO2 for every dollar spent using the card. Mogo is heavily focused on the gamification of its app and offerings to make its services more engaging and immersive for its users. The new Rainforest Mode, which will be officially announced later this week, mimics the sights and sounds of the Amazon rainforest and evokes a calming, zen-like atmosphere.
As climate change is a top concern for Gen Z and Millennials, Mogo has targeted this demographic with its carbon offsetting program. Carbon credits are purchased by Mogo on behalf of the customer, at no cost, and are used to protect land in the Amazon from deforestation. Since implementing the carbon offsetting program in July 2020, Mogo has seen a 66% increase in spending from its customers. The objective of the card is to help Canadians improve their financial health and the health of the planet through better spending control and automatic carbon offsetting. Mogo’s goal is to help Canadians get to zero debt and a zero carbon footprint.
In addition to the MogoSpend card, Mogo offers several free services to its customers such as ID fraud protection and credit score monitoring. These free offerings have been a key driver in increased sign-ups for the Mogo app in Q3, with over 1 million members using the services. Additional Q3 earning info can be found in the press release announced last week (view here), however, key financial points are listed below.