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.