Mogo launches MogoApp offering free credit score and spending account

Vancouver-based Mogo announced the launch of its Mogo Account and iOS app, MogoApp, in an effort to embrace a more digital banking experience.

With Mogo Account, users can now open an account in three minutes and have access to a free spending account with no monthly fee, accessible through a free platinum prepaid Visa. The company also announced a partnership with Equifax that allows users to receive their credit score for free with monthly updates.

“As we all get used to experiences like Uber, we’re now expecting the same speed, convenience and value in the other important areas of our life, like our finances,” said David Feller, founder and CEO of Mogo. “To date, we’ve invested over $120 million in our platform. 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.”

Consumers do not need to switch banks since MogoAccount is designed to work alongside their current bank account. Users also receive instant pre-approval for loans.

“Our goal is to build the best digital banking experience in Canada and eventually offer all the products you need to manage your financial health, all digitally, and with far fewer fees than what the banks and even credit unions charge. Our new MogoAccount and mobile app are a key milestone on this journey,” said Feller.