Mogo enters new referral agreement with Lendful for unsecured consumer loans
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Mogo to Promote Lendful’s Best Digital Loans to Members
Vancouver, British Columbia – Mogo Inc. (TSX: MOGO) (NASDAQ: MOGO) (“Mogo”), a leading financial technology company in Canada, today announced that it has entered into a new referral agreement with Lendful Financial Inc. (” Lendful ”), through which Mogo will offer its members access to Lendful’s premier loan products through the Mogo app.
“Our mission is to help Canadian consumers improve their financial health – make smarter decisions about spending, accessing and managing credit and saving for their future,” said David Feller, Founder and CEO of Mogo. “To that end, we continue to develop our own suite of digital products while establishing benchmark agreements for financial products that we do not offer today. One of our goals is to ensure that we offer the best rates on personal loans to a wider range of Canadians, including major consumers. Fifty-six percent of Canadians have credit card debt, in many cases at rates of 20% or more. For many consumers, this debt can and should be refinanced at rates that could save them up to 50%, and perhaps more importantly, into fixed-term loans that free them from debt much faster. Today we are happy to announce that we have partnered with Lendful. We share Lendful’s passion to challenge the conventions of traditional financial institutions to transform the customer experience through technology and deliver a great digital experience. ”
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Doug Lee, Senior Vice President of Retail Distribution, said, “In today’s dynamic business environment, Lendful sets itself apart through its ability to work closely with its partners and channels. We focus on what is important to our customers: providing an innovative, tailor-made, world-class service offering. With this sponsorship agreement, we are delighted and determined to allow Mogo to expand its personal loan offer. ”
Under the agreement, Mogo will provide unsecured consumer loan offers of up to $ 35,000 to its eligible members through the Mogo app. In addition, Mogo will use other channels, such as email and in-app targeting, to direct loan referrals to Lendful. Mogo will receive a fee for each loan funded by Lendful.
Greg Feller, President of Mogo, added, “We recently expanded our monetization strategy to include a new sponsorship model and this is the first significant deal under this new model. This creates additional paid revenue streams for Mogo and, over time, will provide an easier and faster path to monetize our large and growing base of over 1 million members. ”
Mogo – a financial technology company – offers a financial app that provides consumers with simple solutions to help them take control of their financial health and be more aware of the impact they have on society and the planet. We all know it’s time to do things differently. It’s time to find a new way to manage our money, one that is inclusive and sustainable. A program that takes into account our financial health, the health of the planet and the health of our society. At Mogo, users can sign up for a free account in just three minutes and start learning the 4 habits of financial health and gain 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 Mogo Visa * Platinum Prepaid Card with automatic carbon offsetting, free monthly credit rating monitoring, identity fraud protection and personal loans. The Mogo platform has been specially designed to deliver the best-in-class digital experience, with the best-in-class products, all through one account. With over one million members and a marketing partnership with Canada’s largest news media company, Mogo continues to deliver on its vision of becoming the go-to financial app for the next generation of Canadians. To learn more, visit mogo.ca or download the mobile app (ios or Android).
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Lendful is a subsidiary of Peoples Trust Company (PTC), a federally regulated financial institution that has provided specialized financial services to Canadians for over 35 years. Lendful and PTC are part of the Peoples group of companies. Built on a solid foundation, Lendful’s portfolio covers a wide range of financial solutions, including deposit services, commercial mortgages, services and securitization, personal loans, payments and card services. Since 1985, Lendful has focused on exceptional customer service backed by in-depth product knowledge and experience. For more information, please visit peoplestrust.com or lendful.ca.
* Trademark of Visa International Service Association and used under license by Peoples Trust Company. The Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company under license from Visa Int.
Media Relations Team