Leading financial technology company introduces its mobile app and newest solution—Canada's first free credit score with free monthly updates
VANCOUVER, Aug. 22, 2016 /CNW/ - Mogo Finance Technology Inc. (TSX: GO) ("Mogo") announced today the launch of its new Mogo®Account and iOS mobile app, setting a new standard for what consumers expect in a digital banking experience. With a three-minute account opening experience and instant access to three innovative products, including a free credit score1, the first free credit score in Canada that will be available with free monthly updates, Mogo has achieved a major milestone on its quest to build the best digital banking experience in Canada.
Like many other industries, banking is facing digital disruption as consumers, led by millennials, look for convenient digital access to products that make it easier for them to manage and control their financial lives. Unlike a typical bank account opening experience, 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.
Opening a MogoAccount is free and gives consumers instant access to three innovative products with no impact to their credit score:
- Canada's first free credit score with free monthly updates;
- A free spending account with no monthly fee, accessible through a free Platinum Prepaid Visa® Card;
- An instant pre-approval on a personal loan for those who need credit.
"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. 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," explained David Feller, Founder and CEO of Mogo. "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 less fees than what the banks and even credit unions charge. Our new MogoAccount and mobile app are a key milestone on this journey."
As part of the account experience, Mogo has partnered with Equifax® Canada, Canada's largest credit bureau and provider of data and insights, to bring the free credit score which will be updated monthly for free, to the Canadian market.
"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. "We're excited to partner with them to bring a free credit score, the first available with free monthly updates, to consumers. This is an exciting innovation for the Canadian market."
With more than 225,000 members, Mogo is the leader in building a new digital challenger brand to the banks.
"Now that Tangerine is owned by one of the big 5, we believe that we're the leading challenger brand to the banks. In fact, we're growing faster than any of the top six banks in Canada, and faster than the top credit unions. Within the last year alone we almost doubled our member base, which grew by 100,000 new members, and we expect that with our new digital account, app and free credit score offering, we're well positioned to reach our goal of one million members over the next three years," added Greg Feller, CFO of Mogo.
Mogo will continue to build out its platform with better solutions, and the company expects to launch more digital financial products before the end of 2016.
About Mogo Finance Technology Inc.
Mogo (TSX: GO)—a Vancouver-based financial technology company—offers Canadians a more convenient and engaging digital banking experience with its free Mogo®Account. With account sign-up in under three minutes, users get instant access to three innovative products: Canada's first free credit score available with free monthly updates, a free spending account with no monthly fee, and an instant pre-approval on a personal loan—all with no impact to their credit score. Mogo is quickly becoming the new face of banking as it grows its member base faster than any of the top six banks in Canada. To learn more about Mogo—referred to as the potential "Uber of finance" by CNBC, Toronto Star, and others—visit mogo.ca, or download the mobile app, available now on the Apple Store.
Equifax powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its databases include employee data contributed from more than 5,000 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,200 employees worldwide.
Some noteworthy achievements for the company include: Ranked 13 on the American Banker FinTech Forward list (2015); named a Top Technology Provider on the FinTech 100 list (2004-2015); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2015); named one of Fortune's World's Most Admired Companies (2011-2015); named one of Forbes' World's 100 Most Innovative Companies (2015). For more information, visit www.equifax.com
1ERS 2.0 is the Equifax Risk Score that may be made available to consumers. It is based on Equifax's proprietary model and may not be the same score used by third parties to assess your creditworthiness. The provision of this score to you is intended for your own educational use. Third parties will take into consideration other information in addition to a credit score when evaluating your creditworthiness.
Mogo offers a range of loan products – visit www.mogo.ca for details. Visa® is a registered trademark of Visa Int. Service Association and used under license. Mogo Platinum Prepaid Visa® Cards are owned and issued by Home Trust Company, a TM licensee of Visa Int. and subject to Terms and Conditions. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation. The MogoCard is only available to MogoAccount holders that have passed identity verification. Equifax® is a registered trademark of Equifax Canada Co. used here under license. Free credit score is provided by Equifax and is only available to MogoAccount holders that have passed identity verification. The Equifax credit score is based on Equifax's proprietary model and may not be the same score used by third parties to assess your creditworthiness. The provision of this score to you is intended for your own educational use. Third parties will take into consideration other information in addition to a credit score when evaluating your creditworthiness.
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding Mogo's intention to expand into other products and markets and Mogo's expectations regarding members. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Mogo's growth, its ability to invest in its platform and expand into new products and markets and its expectations for its financial performance for 2016 are subject to a number of conditions, many of which are outside of Mogo's control. For a description of the risks associated with Mogo's business please refer to its Annual Information Form dated March 30, 2016, which is available at www.sedar.com. Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
SOURCE Mogo Finance Technology Inc
Image with caption: "Mogo launches new MogoAccount and iOS mobile app (CNW Group/Mogo Finance Technology Inc)". Image available at: http://photos.newswire.ca/images/download/20160822_C6141_PHOTO_EN_756419.jpg
Video with caption: "VIDEO: Introducing the MogoApp". Video available at: https://www.youtube.com/watch?v=XG0quUHcVDE
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