Mogo Finance Technology Launches Digital Spending Account and Platinum Prepaid Visa®

Mogo Finance Technology (TSX: MOGO) launched the digital Mogo Spending Account with Platinum Prepaid Visa Card.
As quoted in the press release:

“The launch of our digital spending account represents another important growth milestone for Mogo, bringing us into the large and growing payments market with a highly differentiated solution,” said David Feller, Founder and CEO of Mogo. “One of the biggest financial challenges consumers face is overspending, as credit cards are designed to incentivize spending while debit cards make it difficult to stay on budget. Our new spending account is designed to solve the overspending problem. We are leveraging the power of our technology platform to deliver a digital product that is not only much more convenient, it also gives consumers real-time data to help them manage and control their spending. With more than 350,000 members and our suite of innovative solutions, we continue to build on our market leadership as we work to deliver the best digital banking experience in Canada.”
“We’re always looking for ways to offer products that save consumers money so we’re excited to provide this product to customers for free with no monthly fee while Mogo earns the interchange revenue on transactions,” said Greg Feller, President and CFO.  “Moreover, this product is a low-hurdle way for Canadians to add Mogo to their financial wallet and immediately get value and utility they are not getting from their current financial institution. Over time, as we continue to introduce new products and earn the trust of our members, our expectation is we will gain an increasing share of their financial wallet.”

Click here for the full press release.