Mogo Launches New Interactive Rainforest Mode in its App
November 27 2020 - 7:30AM
Business Wire
Using gamification to help consumers save
money and the planet
Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo”), a financial
technology company focused on empowering consumers with innovative
digital financial solutions that help them get in control of their
financial health, today announced the release of its new updated
Mogo app featuring an interactive Rainforest Mode as part of the
MogoCard experience. The MogoCard is the Mogo Visa Platinum*
Prepaid Card that is designed to help Canadians get in control of
their spending by moving away from the overspending associated with
credit cards, while also being the first card to help fight climate
change by automatically offsetting CO2 with every dollar spent
using the card. Mimicking the sights and sounds of the Amazon
rainforest, the new feature brings Mogo’s carbon offsetting project
to life.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20201127005272/en/
Mogo's new Rainforest Mode aims to help
users be more mindful of their spending. (Photo: Business Wire)
Found within the Spending section of the Mogo app, Rainforest
Mode includes the sounds and visuals of the Amazon Rainforest and
is designed to evoke a calming, zen-like atmosphere, aimed at
helping users be more mindful of their spending to not only reduce
their carbon impact but also to become more in control of their
spending to achieve better financial health.
“Financial stress continues to be one of the biggest stressors
for Canadians, while climate change remains one of the biggest
long-term challenges we all face. Our goal with the MogoCard was to
design a solution that helps consumers get control of the most
important part of their financial game, spending, while also
helping to solve climate change,” said David Feller, Mogo’s Founder
& CEO. “Given more than 50% of Canadians carry credit card
debt, moving away from credit card spending to a product that only
lets you spend what you load is the first step toward gaining
control of your finances. Spending is also one of the main drivers
of climate change, as everything we buy has a carbon footprint. An
estimated seventy two percent of CO2 comes from our consumption. An
important step toward reducing financial stress and addressing the
climate crisis is to avoid overspending and, importantly,
offsetting our CO2. Our goal at Mogo was to gamify the experience
of saving money and the planet, and Rainforest Mode really takes
this to a whole new level. Banking and consumer finance is going
through a disruption that many other industries have already faced,
and we believe that the future of financial health will look more
like a game than a typical banking app.”
The MogoCard and Rainforest Mode are free to all Canadians and
available by downloading the Mogo app. In addition to these
products and features, the Mogo app offers members free identity
fraud protection, free credit score monitoring and a simple way to
buy and sell bitcoin. Mogo is the only FINTRAC regulated and
publicly traded Canadian company on both the TSX and NASDAQ to
offer Canadians this unique suite of products.
To learn more about Mogo’s mission to help consumers achieve a
zero debt and net zero CO2 lifestyle, visit:
https://blog.mogo.ca/rainforest-mode-is-here-to-help-the-environment
More About MogoCard
Everyday climate action
Mogo encourages its customers to spend consciously, promoting a
debt-free, carbon positive life. MogoCard is 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 spending with Mogo. 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. 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.
No monthly or annual fee
There are no monthly or annual fees associated with the
MogoCard.
Mindful spending made easy
The MogoCard 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.
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 to the MogoCard. There is no
need to switch banks.
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 health and be more mindful of the impact
they have on society and the planet. At Mogo, users can sign up for
a free account in only three minutes to 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 the Mogo
Visa* Platinum Prepaid Card, featuring automatic carbon offsetting,
free monthly credit score monitoring, ID fraud protection and
personal loans. Members can also easily buy and sell bitcoin 24/7
through the Mogo app and earn cash to buy bitcoin through Mogo’s
new bitcoin rewards program. 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 PostMedia,
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201127005272/en/
For further information or interview requests: Christy
Cameron Investor Relations press@mogo.ca 604-659-4380
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