Mogo Launches Canada's First-Ever Financial Lounge

Vancouver-based digital financial brand gets physical on Queen West

VANCOUVER, Aug. 9, 2016 /CNW/ - Mogo (TSX: GO), one of Canada's fastest growing digital financial brands, continues its quest to transform the way Canadians bank with the launch of its financial lounge in Toronto's trendy Queen West neighbourhood. Dubbed the MogoLounge, the space is an innovative physical touchpoint that answers increasing consumer demands for better experiences from brands—online and offline.

Led by millennial-minded consumers that have embraced technology, traditional services, like banking, are undergoing a digital transformation. That said, millennials still crave interaction and brands need to create real experiences that build long-term loyalty. 

"Today's banking experience still typically requires us to physically go to a retail branch to get anything done, whether that's opening a basic account or getting a loan," said David Feller, CEO and Founder of Mogo. "At Mogo, that branch is on your phone. There shouldn't be a need for a bank branch to actually handle any part of the banking transaction. That's why we're not 're-imagining' or 'updating' it. Rather, we've fundamentally changed the physical financial space—which banks used to occupy—and opened up new possibilities for what it allows consumers to do and how they can experience a brand."

Mogo will use its lounge to educate consumers that it is cool to be in control of your finances. Similar to its online approach to create an engaging digital experience, the MogoLounge will host unique events and collaborations to authentically engage with consumers. The brand will partner with local creators, influencers and entrepreneurs to build a community that motivates financially responsible behaviours and inspires a lifestyle of financial freedom. While passersby can stop in to hang out and learn more about their finances, no transactions take place onsite.

"We want to have real conversations with Canadians about their finances, but we know that talking about finances can be boring. So, we make sure people have fun by creating event concepts that integrate cool content that consumers, particularly millennials, actually want to talk about with their friends," explained Chantel Chapman, Financial Fitness Coach for Mogo. "Mogo's products are designed to make it easier to get into financial shape, and we're creating innovative events to motivate people to improve their financial health, while creating a culture that makes it cool to talk about your finances and be an adult."

The MogoLounge will host a variety of events before the end of the year, including its renowned Adulting 101 event series with Chapman that pairs financial literacy with trending lifestyle topics, like one of the biggest beauty trends of the moment: Korean skincare. Upcoming collaborations also include pop-ups with The Underground Chef Co., Stay Home Club, Melody Hansen, Kastor & Pollux, and Ben Johnston.

For more information on events and happenings at the MogoLounge, Torontonians can visit the lounge at 797 Queen Street West, or check out Mogo's blog for more information. The lounge is open Monday through Saturday from 10AM to 8PM, and Sunday from 12PM to 6PM.

About Mogo Finance Technology Inc.
Mogo (TSX: GO)—a Vancouver-based financial technology company—is transforming the way Canadians bank by offering them a more convenient and engaging digital alternative. With one account sign-up in under three minutes, users get instant access to innovative products designed to improve their financial health. Whether users are looking to borrow money, obtain insight on their credit score, or get tips on managing their money, Mogo is making it easier for its 200,000 members to get in and stay in financial control. To learn more about Mogo—referred to as the potential "Uber of finance" by CNBC, Toronto Star, and others—visit mogo.ca.

SOURCE Mogo Finance Technology Inc

Image with caption: "Mogo Launches Canada's First-Ever Financial Lounge in Toronto's Queen West Neighbourhood (CNW Group/Mogo Finance Technology Inc)". Image available at: http://photos.newswire.ca/images/download/20160809_C6280_PHOTO_EN_749566.jpg

For further information: Media Contact: press@mogo.ca

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