Canadian FinTech Mogo is bringing eco-friendly spending to a whole new level, as it helps consumers achieve zero debt and a zero-carbon footprint.
Mogo users can sign up for a free account within three minutes, then access the company’s advice on financial health as well as products that can help them reach their financial goals while also having a positive impact on the planet. Mogo currently has more than one million members, with its Q1 2020 results revealing that active members increased 26 percent year-over-year—placing Mogo among the largest FinTech companies in Canada by total members.
Last year Mogo announced the launch of a newly redesigned mobile app that makes it easier for Canadians to get in control of their financial health. Consumers are able to instantly transfer money from their bank account to MogoSpend, and manage and track their spending through the Mogo app.
Now the company has fully launched its new digital spending account (MogoSpend) that comes with a Mogo Visa Platinum Prepaid Card, which is the first service of its kind. It offers no monthly or annual fees, and 1.5 percent cash back on domestic purchases in Canada and 3 percent cash back on foreign currency purchases, with no caps on the rewards. In order to fulfill the eco-friendly requirement, Mogo will offset one pound of CO2 for every dollar spent using the card. Mogo has also formed a partnership with Offsetters, a Vancouver-based company that helps firms become more sustainable.
“In 2020, we are dealing with a global pandemic, rising financial and social inequality and an escalating climate emergency. This has created an urgent need for a more sustainable way to manage our finances—one that takes into account our financial health, the planet’s health and the health of our society,” said David Feller, Mogo’s Founder & CEO. “Our goals in creating MogoSpend were to create a new way for Canadians to manage their spending that helps to address these problems and to make the product accessible to everyone, regardless of income.”