Mogo announces milestone of 250,000 members following MogoApp release

Following the recent launch of its new digital banking account and mobile app, Mogo, the Vancouver-based financial technology company announced that it has reached 250,000 members.

In mid-August, Mogo launched the MogoApp to create a more digital banking experience by allowing Canadian users to open an online bank account within three minutes and gain access to tools including a free credit score and a free spending account that comes with a platinum prepaid Visa card.

With consumers’ growing interest in the account, the company says it has experienced significant member growth.

“Reaching a quarter million members is a big milestone for us, and puts on track to hit our one-million-member goal by the end of 2018,” said David Feller, founder and CEO of Mogo.

According to Feller, Mogo’s goal is to provide customers with a convenient and innovative financial experience that makes it easier to manage their financial health.

“Our upcoming mortgage product will be another great example of this, as we look to leverage our digital platform to offer Canadians a significantly more convenient mortgage experience than today’s mostly in branch experience they are getting from traditional mortgage providers,” said Greg Feller, president and CFO of Mogo.

In addition to providing its growing membership with new products, Mogo looks forward to seeing how many people choose to download its new iOS app, which according to Feller, is ranking higher than many major Canadian banks in the app store.

“Our goal is to build the leading digital financial technology company in Canada and give Canadians a digital alternative to the big banks,” said Feller.

Amira Zubairi

Amira Zubairi

Amira Zubairi is a staff writer at BetaKit. As a fourth-year journalism student who has written primarily about entrepreneurship, Amira has developed a growing interest in Canadian startup, business, and tech news. In her free time, Amira enjoys reading, baking and watching legal shows.