Canadian fintech Mogo Finance Technology announced on Tuesday it has formed a partnership with goeasy Ltd. (TSX:GSY) to provide Canadians with personal loans up to $15,000 with terms of up to 5 years, all available quickly and conveniently from a mobile device using the Mogo app.
According to Mogo, the pilot is expected to go live in October and will allow consumers to download the Mogo app, get a no-obligation loan pre-approval, customize their loan, and complete the loan agreement all in minutes.
“Once approved for a loan, certain Mogo members will have their loan funded by goeasy’s operating division, easyfinancial, a leading provider of unsecured and secured non-prime consumer loans in Canada. The two companies have integrated technology that creates a seamless customer experience and enables goeasy to only accept loans that meet their credit criteria.”
While sharing more details about the partnership, David Feller, Mogo’s Founder and CEO, stated:
“As one of the largest and most experienced non-prime consumer lenders in Canada, goeasy is an ideal non-prime partner for our lending platform. Like Mogo, they have a long history in lending and share our belief in giving Canadians access to smarter credit solutions to improve their credit and ultimately better manage their financial health.”
Greg Feller, Mogo’s President, added:
“Consumer lending remains one of the highest monetization opportunities for fintechs globally. We’ve invested more than $200 million and over 10 years developing our proprietary digital platform, which includes data from over 1 million funded online loans. This partnership enables us to more fully monetize this platform and drive new recurring fee-based revenue, with no capital investment or risk for these loans.”