Mogo Finance Technology announced today that the company issued its one-millionth loan at the end of July.
It was an expected milestone for Mogo.
“We’ve seen a strong increase in new Mogo members, in our customer base, and in repeat customers,” said Dave Feller, Mogo’s CEO. “Mogo is turning the financial services model on its head. We offer personal loans for Canadians that are designed to help them pay off their debt faster and at a lower cost. This milestone is proof that it’s working.”
The largest online lender in Canada, Mogo processes 30,000 loans per month. The company says it leading the charge in a fundamental shift in how Canadians view their personal finances. Debt-averse millennials are moving away from brick-and-mortar banks in search of a digital experience that encompasses greater convenience, transparency, and a packaged solution to debt. In doing so, Mogo hopes to not only improve, but also revolutionize the traditional banking experience. The Millennial Disruption Index reported that 71% of millennials would rather go to the dentist than listen to what banks are saying, and a companion study by U.S. media corporation Viacom revealed that 33% believe they won’t need a bank at all in the future.
“Like Netflix did with home entertainment and car-share programs like Uber are currently doing to auto ownership, Mogo offers a more convenient and responsible financial solution. Something that gets them into financial shape,” says Feller.