Vancouver-based FinTech Mogo and Toronto-based digital benefits platform League are teaming up to bring identity fraud protection to League users.
“Given how intertwined our financial health is with our overall health and well-being, we are pleased to bring Mogo…to members.”
The new partnership between the two Canadian startups will see Mogo’s identity fraud protection solution, MogoProtect, added to League’s member marketplace. The solution monitors a consumer’s Equifax Canada credit bureau and sends alerts through the Mogo app, as well as email, after a fraud inquiry. It also helps to guide users through the next steps to help prevent identity fraud.
Founded in 2003, Mogo offers personal loans, identity fraud protection, mortgages, a Visa debit card, and credit scores through Equifax, specifically targeting a millennial audience. The company has launched several new financial products over the past two years, including a platform trying to gamify mortgage management, a cryptocurrency offering, as well as its Mogo Account and iOS app in an effort to embrace a more digital banking experience.
League was founded in 2014 by Mike Serbinis, the former founder and CEO of e-reader platform Kobo, which was acquired by Rakuten in 2011. Similarly to Mogo, League was started as a way to transform its respective industry. The company was founded as “the new digital alternative to traditional health insurance,” connecting employers and employees to a variety of options in their health services and benefits.
Since then League has raised more than $80 million in funding, including a $25 million USD Series A in June 2016, which included Power Financial, RBC, and Manulife, and $62 million in a Series B round led by TELUS Ventures, in 2018. The company has also expanded to the US and made a number of partnerships including fellow Power Financial portfolio company Dialogue.
“Given how intertwined our financial health is with our overall health and well-being, we are pleased to bring Mogo’s best-in-class identity fraud solution to members,” Jessica Gale, AVP of member engagement and marketplace at League said, of the recent Mogo partnership.
MogoProtect, the solution that will now be available on League’s platform, was originally launched in November 2017 and was created to address a gap in the existing protection offerings. Mogo noted that more information about MogoProtect is available in the League app marketplace.