More than 200,000 Canadians have signed up to become members of Mogo, a digital financial platform.
“This clearly highlights that banking is no different than any other industry being disrupted by technology,” said Dave Feller, CEO of Mogo.
“As consumers increasingly looking for Uber like convenience in everything they do, it’s clearer than ever that the traditional way of banking has being left far behind. Passing 200,000 members is a significant milestone for not only Mogo, but also FinTech in Canada.”
The recent Ernst & Young FinTech Adoption Index expects that adoption rates in Canada could double over the next year.
Last year, McKinsey released a report stating that banks could lose up to 60% of their retail profits to tech startups over the next nine years.
“The reality is, there hasn’t been a real challenger to the ‘Big Six’since ING Direct, which was acquired by one of the big banks,” said Feller.
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Mogo continues to focus on building a platform and challenger brand designed to offer Canadians a digital alternative to the banks.
“As we continue to expand our platform and improve our digital experience, along with the launch of new products, and our new mobile app, we believe we’ll accelerate our member growth and put us on track to reaching our goal of 1 million members within three years,” added Feller.