Channelling the ultra-popular ridesharing app, MogoAccount is looking to make banking faster and easier for users.
Not intended as a banking replacement, MogoAccount works alongside users’ current bank account to supplement value and services that may be lacking.
“To date, we’ve invested over $120 million in our platform,” says Feller. “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.”
The credit score calculator comes courtesy of Equifax Canada, the country’s largest credit bureau and data provider.
“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.”
Such innovations are propelling Mogo to the forefront of digital banking.
“Now that Tangerine is owned by one of the big 5, we believe that we’re the leading challenger brand to the banks,” says Greg Feller, CFO of Mogo. “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.”
Consumers can keep an eye out for more Mogo products, scheduled to hit the market before the end of 2016.
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