Mogo, a Vancouver-based FinTech startup targeting millennials with its full-spectrum credit options and focus on social responsibility, announced that it is joining the MaRS FinTech cluster.
Mogo’s platform, which currently has 150,000 members, offers services like its Level Up program to reward users for on-time loan payments and a free reloadable Mogo prepaid Visa that aims to help manage credit card debt. After completing its IPO in June, Mogo raised $50 million to pay down its debt and acquire companies; by having a presence in MaRS, the company has an opportunity to stay informed of FinTech trends and gain exposure to up-and-coming startups.
“Joining the MaRS FinTech Cluster gives us a new avenue to collaborate and learn from other FinTech organizations. Our goal is to create a comprehensive digital financial experience for millennials in line with their expectations from brands like Facebook and Uber,” said Dave Feller, founder and CEO of Mogo. “We’re well positioned to do this and joining MaRS moves us one step closer.”
Since its IPO, the company has had strong growth with annualized revenue in the third quarter of 2015 of over $46 million, up from $23 million for the full year in 2014.
“We are thrilled to have Mogo as a MaRS FinTech venture,” said Adam Nanjee, head of financial technology at MaRS. “Mogo’s experience in building a leading fintech business and the momentum they bring to the space enriches and strengthens the innovation network we are creating.”