Canadian fintech Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) announced on Thursday ended 2020 with more than 1.1 million members, placing it among the largest fintech companies in Canada by total members. Founded in 2003, Mogo describes itself as a digital challenger to the banks in Canada, empowering consumers with simple solutions to help them manage and control their finances.
“The platform has been engineered to deliver a best-in-class digital experience, with best-in-class financial products all through one account. With more than 1,000,000 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.”
Speaking about the latest milestone, David Feller, Mogo’s Founder and CEO, stated:
“Our new member growth accelerated for the second quarter in a row. This speaks to the appeal of our specific products – including Bitcoin, free ID fraud protection, and our unique carbon offsetting Mogo Visa* Platinum Prepaid Card – as well as the value of having them all integrated into one seamless, easy to use, digital account that helps members manage their financial lives. We believe we are well positioned for continued strong member growth and engagement in 2021.”
Greg Feller, Mogo’s President, added:
“We believe we are at the beginning stages of the transition from traditional banking to fintechs that offer new and innovative products, however, we believe the ultimate winners will be those that can bring multiple best-in-class products into one app to manage financial health.”
Mogo futher revealed that it experienced the second consecutive quarter of accelerating new member growth, with net member additions in Q4 2020 increasing by 55% versus Q3 2020.