Leading financial technology company sees strong member growth after launch of new digital account and free credit score
VANCOUVER, Sept. 6, 2016 /CNW/ - Mogo Finance Technology Inc. (TSX: GO) ("Mogo") announced today that it has reached 250,000 members, driven by accelerating member growth following the launch of its new digital account and mobile app. With a three-minute account opening experience, Mogo is making it easy and free for Canadians to open an account using any device and get access to tools to help them manage their financial health, including a free credit score and free monthly updates from Equifax.
"Our goal is to build the leading digital financial company in Canada and give Canadians a digital alternative to the big banks. Most importantly, it's about offering innovative products that help consumers manage their financial health," said David Feller, Founder and CEO of Mogo. "Reaching a quarter million members is a big milestone for us, and puts on track to hit our one-million-member goal by the end of 2018. We are also excited to see how many people are choosing to download our new iOS app which now ranks ahead of many of the major banks in Canada based on downloads in the app store."
"The launch of our new digital account platform, now enables us to accelerate the introduction of additional innovative financial products to our members and importantly all of these products will be accessible through one convenient digital account. Our team is now hard at work on the next products in our road map, mortgages and a free spending account that comes with a Platinum Prepaid Visa Card," continued Feller.
"We are also very excited to see that since the launch of our new digital account, more than half of the new member accounts we are opening are with prime or higher credit score customers. This is very consistent with our brand and product strategy which is focused on offering all consumers access to more convenient and innovative financial products that make it easier to manage your financial health. Our upcoming mortgage product will be another great example of this as we look to leverage our digital platform to offer Canadians a significantly more convenient mortgage experience than today's mostly in branch experience they are getting from traditional mortgage providers," added Greg Feller, President and CFO of Mogo.
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 an 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 Canada powers the financial future of individuals and organizations in Canada and 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 Canada and the United States, 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 FinTech100 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
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. Apple, App Store and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. 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 (ERS 2.0) 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