The only spending account with a prepaid Visa
card that earns cashback while also helping offset your carbon
footprint
VANCOUVER, Jan. 16, 2020 /PRNewswire/ - Mogo
Inc. (TSX: MOGO) (NASDAQ: MOGO) ("Mogo" or the "Company"), one
of Canada's leading financial
technology companies, today announced the launch of its new digital
spending account ("MogoSpend") with Mogo Visa* Platinum Prepaid
Card. This is the first product of its kind designed to help
Canadians get better control over their spending, while earning
best-in-class cashback and having a positive impact on the
environment.
"One of the biggest financial challenges consumers face is
overspending and 57 percent of Canadians now carry credit card
debt," said David Feller, Mogo's
Founder and CEO. "With MogoSpend, our goal was to create a
product that gives consumers even more control than a debit card
and with cashback rewards that rival the best credit cards in
Canada, without charging monthly
or annual fees, and importantly, we wanted to make this a card that
also helps make a positive impact on the planet."
"Financial health and the health of the planet are closely
linked as overspending is not only one of the biggest reasons why
Canadians are struggling financially, but overconsumption is also
directly linked to climate change," continued David Feller. "Being more mindful around
spending can help us achieve important life goals like buying a
home and retirement, and many of us are becoming increasingly aware
that being a mindful consumer is key to a healthy planet. With
Canada now in a state of climate
emergency, and research reports showing that 72 percent of
CO2 can be linked to individuals' consumption, we wanted
to make it easy for Canadians to make a positive impact. With the
launch of MogoSpend, Canadians, will have a way to help control and
reduce their spending while also offsetting their carbon footprint
– for every dollar spent, Mogo will offset one pound of
CO2 on the consumer's behalf."
Mobile-First
MogoSpend is a digital spending account
that can be opened for free in less than three minutes through
Mogo's iOS or Android app. Similar to a chequing account, MogoSpend
members receive a Mogo Visa* Platinum Prepaid Card to use for
purchases anywhere Visa is accepted
worldwide. Canadians can instantly transfer money from
their bank account to MogoSpend and manage and track their spending
through the Mogo app.
Unlimited cashback
MogoSpend offers cashback of
1.5% on all domestic purchases and 3% on all foreign currency
purchases, and no limit on the amount earned. The cashback is
displayed in real-time in the Mogo app and there's no waiting until
the end of the year to redeem, it's automatically credited back on
a monthly basis. With an estimated $255 billion spent annually on debit cards,
Canadians could be earning an estimated $4
billion per year in cashback through MogoSpend. For
example, spending $3,000 per month
through MogoSpend would earn at least $45 per month in cashback - that's over
$500 per year that could be put
towards saving, investing and paying down debt.
Everyday climate action
MogoSpend comes with the first
and only card in Canada (debit,
credit or prepaid) to launch with a carbon offset program so
consumers can have a positive impact on the environment simply by
using MogoSpend. Through the program, Mogo will offset one pound of
CO2 for every dollar spent using the card. Mogo has
partnered with Offsetters, one of Canada's leading providers of sustainability
and carbon-management solutions. Offsetters helps organizations and
individuals understand, reduce and offset their environmental
impacts and specializes in high quality verified
offsets.
No monthly or annual fee
There are no monthly or
annual fees associated with MogoSpend.
Mindful spending made easy
MogoSpend was built as a
mobile-first experience and designed to help users be more mindful
of their spending which is key to both financial health and the
health of the planet. Every time a purchase is made, members
automatically receive a notification showing the amount spent,
their updated balance and how much cashback they've
earned.
Automated budget
To help members better manage their
spending money, auto-transfers can be set up to regularly transfer
a member's spending money from their bank account into MogoSpend.
There is no need to switch banks.
Spending goal
The Spending Goal feature enables
members to set a spending goal which is then translated into a
recommended daily budget to help them stay on track.
Better security
Members can instantly freeze their
card on the Mogo app and order a new one if their card is lost or
stolen. MogoSpend is protected from unauthorized use by the Visa
Zero Liability Policy1.
Availability
Mogo plans to begin rolling out MogoSpend
to members on its waiting list in the next few months. To get on
the waitlist, simply download the free Mogo app on iOS or Android
and open your free Mogo account.
Mogo members have the added benefit of convenient access to
Mogo's other products and features designed to help achieve their
financial goals including free monthly credit score monitoring, ID
fraud protection, personal loans and content designed to educate
members about the four habits of financial wellness: 1) Monitor and
Protect, 2) Control your spending, 3) Borrow Responsibly and 4)
Save and Invest Wisely.
Note to Editors
For additional information and photos,
visit https://investors.mogo.ca/press-releases/
About Mogo
Mogo — a financial technology company —
offers a finance app that empowers consumers with simple solutions
to help them get in control of their financial wellness. Financial
wellness continues to be the #1 source of stress across all
demographics and highest among millennials. At Mogo, users can sign
up for a free account in only three minutes and begin to learn the
4 habits of financial health and get convenient access to products
that can help them achieve their financial goals. The Mogo platform
has been purpose-built to deliver a best-in-class digital
experience, with best-in-class products all through one account.
With more than 925,000 members and a marketing partnership with
Canada's largest news media
company, Mogo continues to execute on its vision of becoming the
go-to financial app for the next generation of Canadians. To learn
more, please visit mogo.ca or download the mobile app
(iOS or Android).
* Trademark of Visa
International Service Association and used under licence by Peoples
Trust Company. Mogo Visa Platinum Prepaid Card is issued by Peoples
Trust Company pursuant to licence by Visa Int. and is subject to
Terms and Conditions, visit mogo.ca for full details. Your MogoCard
balance is not insured by the Canada Deposit Insurance Corporation
(CDIC). MogoSpend is only available to MogoMembers with an
activated MogoCard. MogoCard means the Mogo Visa Platinum Prepaid
Card. Carbon offsetting and carbon neutrality features are
currently in development. These features are not currently
available for new or existing users. Mogo will notify users once
these features are available to them.
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1 Subject to the card issuers'
specific terms.
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Forward-Looking Statements
This news release
may contain "forward-looking statements" within the meaning of
applicable securities legislation, including statements regarding
the availability of MogoSpend and the carbon offsetting and carbon
neutrality features. 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. For a description of the risks associated with
Mogo's business please refer to the "Risk Factors" section of
Mogo's current annual information form, which is available at
www.sedar.com and www.sec.gov. 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.
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SOURCE Mogo Finance Technology Inc