Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo”), one of Canada’s leading financial technology companies, today announced the full launch of its new digital spending account (“MogoSpend”) that comes with a Mogo Visa* Platinum Prepaid Card. This is the first product of its kind designed to help Canadians improve their financial health and the health of the planet through better spending control and automatic carbon offsetting. Mogo’s goal is to help Canadians get to zero debt and a zero carbon footprint.
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MogoSpend is a digital spending account designed to help consumers be more mindful of their spending. (Photo: Business Wire)
“In 2020, we are dealing with a global pandemic, rising financial and social inequality and an escalating climate emergency. This has created an urgent need for a more sustainable way to manage our finances – one that takes into account our financial health, the planet’s health and the health of our society,” said David Feller, Mogo’s Founder & CEO. “Our goals in creating MogoSpend were to create a new way for Canadians to manage their spending that helps to address these problems and to make the product accessible to everyone, regardless of income.”
Net Zero Carbon Footprint
Climate change continues to be one of the biggest issues we face today and if we have learned anything recently, it’s that if we don’t take these kinds of things seriously now, it can become too late. Many experts agree that getting to net zero carbon emissions (meaning, eliminating as much carbon as we produce) is an essential step in the fight against climate change. Although many companies including Apple and Amazon have recently announced initiatives to achieve a net zero carbon footprint, given that 72% of emissions come from consumer consumption, it’s time to help consumers achieve the same. Everything we buy has a carbon footprint, whether it’s ordering food delivery, buying clothes or filling up our cars. The average consumer today is trying to do their part by reducing, reusing and choosing more sustainable options but with the average Canadian’s annual carbon footprint estimated at approximately 30,000 pounds, there is still work to be done.
MogoSpend is the first and only card in Canada that automatically offsets CO2 with each purchase. For every dollar spent, one pound of CO2 is offset on the consumer’s behalf. This can not only help Canadians get to a net zero carbon footprint, but in many cases this will offset more CO2 than they contribute, which is considered climate positive.
Carbon offsetting is a process where the damage caused by releasing CO2 is effectively reduced by doing other things that remove CO2, such as planting trees. Mogo has partnered with Vancouver-based Offsetters, a company that specializes in helping companies go green including managing offsetting projects. The current project supported by Mogo is a certified REDD+ initiative focused on protecting the Amazon Rainforest, one of the largest absorbers of CO2 on the planet today, from deforestation.
“Canadians spend more than $900 billion annually in cash, debit and credit cards payments, and this is increasing as more and more people and businesses go cashless,” said Greg Feller, Mogo’s President. “As our members adopt MogoSpend – and we bring new members into the Mogo account – we hope we can help them achieve a net zero carbon footprint and, collectively, make a meaningful impact on carbon reduction.”
Financial health is now more important than ever, and consumers are counting on digital solutions to help them achieve this. With 57% of Canadians carrying credit card debt, and financial stress continuing to be one of the top stressors, consumers need a better way to help control their spending to avoid getting into debt, or to help get out of debt.
MogoSpend is a spending account that comes with a Mogo Visa* Platinum Prepaid Card that consumers load with their own money. It also has budgeting features to help consumers better monitor and control their spending. By separating spending into a separate account, and avoiding credit, consumers are able to limit themselves to a specific budget. There’s no need to switch banks to use MogoSpend, and because it’s not a credit card, there’s no impact to a member’s credit score when they sign up. There’s also no monthly fee, so it’s a product that is designed to be accessible to all.
Mindful Spending Made Easy
MogoSpend was built as a mobile-first experience and designed to help users be more mindful of their spending. Every time a purchase is made, the member automatically receives a notification showing the amount spent, where they spent it, their updated balance and how much CO2 they’ve offset. It also gives members the ability to track their spending by month so they can see their progress, including a 3 month average spend.
Mogo members have the added benefit of convenient access to Mogo’s other products and features designed to help them achieve their financial goals including free monthly credit score monitoring, identity fraud protection and personal loans.
Note to Editors
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* 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.
Mogo — a financial technology company — offers a finance app that empowers consumers with simple solutions to help them get in control of their financial health and be more mindful of the impact they have on society and the planet. We all know it’s time to do things differently. It’s time for a new way to manage our money, one that’s inclusive and sustainable. One that takes into account our financial health, the planet’s health and the health of our society. 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 and have a positive impact on the planet including a digital spending account with Mogo Visa* Platinum Prepaid Card featuring automatic carbon offsetting, free monthly credit score monitoring, ID fraud protection and personal loans. 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 one million 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).