Mogo Finance Technology announced today the launch of its new MogoAccount, as well as an iOS mobile ap. The Canadian startup believes it is “setting a new standard for what consumers expect in a digital banking experience.”
Like many industries, banking is facing digital disruption as consumers, led by millennials, look for digital access to products that make it easier for them to manage and control their lives.
With the MogoAccount there’s no need to visit a branch and then wait days for the account to open—this all happens in just a few minutes. What’s more, consumers do not need to switch banks because MogoAccount is designed to work alongside their current bank account, providing value and utility they aren’t getting from their bank or credit union, for free.
“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,” says David Feller, CEO of Mogo. “Our goal is to build the best digital banking experience and eventually offer all the products you need to manage your financial health, all digitally, and with far less fees than what the banks and even credit unions charge.”
A MogoAccount gives consumers instant access to their credit score for free with monthly updates, as well as a spending account with no monthly fee and pre-approval on a personal loan for those who need credit.
“To date, we’ve invested over $120 million in our platform,” said Feller. “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.”
Mogo has partnered with Equifax Canada, Canada’s largest credit bureau and provider of data and insights, to bring the free credit score.
“We know that Mogo’s mission is to build the best digital banking experience, providing innovative products that are disrupting the market to bring value to Canadians,” said Chris Briggs, Chief Marketing Officer at Equifax Canada. “This is an exciting innovation for the Canadian market.”
Mogo currently has 225,000 members, nearly doubled from a year ago.