Mogo (company)
Mogo Inc. is a Canadian financial technology company focused on providing digital financial services to its members. Headquartered in Vancouver, British Columbia, Mogo offers a range of products through its mobile app and website.
Overview:
Mogo's services are primarily aimed at helping users manage their finances, borrow responsibly, and invest. These services often leverage technology to provide convenient and accessible options. The company's offerings have evolved over time to include various aspects of personal finance.
Products and Services (as of October 26, 2023):
- Personal Loans: Mogo provides access to personal loans with varying terms and interest rates, designed to consolidate debt or finance purchases.
- MogoCard: A prepaid Visa card designed to track and reduce spending.
- Free Credit Score Monitoring: Mogo offers users the ability to check their Equifax credit score for free and provides educational resources on credit health.
- Digital Payments: Facilitating easy transactions through digital wallets and other payment methods.
- Bitcoin and Stock Trading: Mogo offers a platform for buying and selling Bitcoin and stocks.
- Identity Fraud Protection: Services designed to help protect users from identity theft.
Business Model:
Mogo generates revenue through interest income from loans, transaction fees, subscription fees (for premium services), and commissions from its various product offerings.
History:
Mogo was founded in 2003 and has grown through acquisitions and the development of its own technology. The company has publicly traded shares.
Corporate Information:
- Headquarters: Vancouver, British Columbia, Canada
- Industry: Financial Technology (FinTech)
- Publicly Traded: Yes (TSX: MOGO)
Criticisms and Controversies:
Like other financial technology companies, Mogo has faced scrutiny regarding its interest rates, lending practices, and the transparency of its fees. User reviews and third-party assessments of Mogo's products and services can vary.