Mogo Inc. (MOGO) this week highlighted rapid growth in number of new members adding to its financial technology.
Company reported that current average daily member additions are up 130% over the same in second quarter of 2020. This resulted in widening of its customer base. There were over 1 million members registered with Mogo at the end of Q2 2020.
To help them manage their financial health, more and more Canadians are in search of mobile solutions. And Mogo is well prepared to get the most of it, said David Feller, Mogo’s Founder & CEO. Mogo has been encouraged by the increasingly new member additions. This highlights the quicker positive response to its newly launched card MogoSpend. The card is the only in the country that provides members to help them bring their debt to zero. It also automatically offsets one pound of CO2 against spending of each dollar. This helps members to achieve zero CO2 lifestyle, Feller said.
The accelerated growth also came on the heels of development made in existing products and offering strategies. The value proposition include offering of first free MogoProtect, a solution to protect members from identity thefts and frauds. The company will continuously increase its marketing strategies in coming months. This will provide us with stronger member additions.
By adding MogoSpend and expanding our referral model, we expect more member growth. As these products and members will grow, the company has several methods to get benefit of that growth.
The company launched MogoSpend in July this year which is a digital spending account. Members get a Mogo Visa Platinum Card to operate that digital account. The company is intending accelerating launch of the same. In coming months company is targeting adding more number of members to that product. Moreover company will also be putting efforts to increase number of transactions made through that card. As part of the current plan, company will also focus on more engagement of customers on its Mogo app.