Well, we did it. We hit 200,000 MogoMembers!
Say hello to the country's biggest digital financial platform. As leaders of the FinTech revolution in Canada, this is pretty awesome. Tech is getting bigger and bigger (just look at Uber and Airbnb), and it’s clearer than ever that the traditional way of banking is being left far behind. Last year, McKinsey released a report saying that banks could lose up to 60% of their retail profits to tech startups—oh hey, that’s us—over the next nine years. That being said, this is a huge milestone for not just Mogo, but also FinTech in Canada.
ING Direct was an online bank that grew to over 1.8 million customers and eventually sold to Scotiabank in 2012 for $3.1 billion.
So yeah. 200,000 members is pretty big. To put it all into perspective, that’s almost as many members as people who are with Meridian (the largest credit union in Ontario and fourth largest in Canada). At the rate we’re growing, we’re almost definitely going to pass them this year—which would make us comparable in size to some of the biggest credit unions in Canada!
As we continue to take FinTech mainstream, look out for even more awesome content and innovative products like our Level Up program (have you ever heard of a credit card company that lowers people’s rates?) and upcoming mobile app!
Next stop: 1 million members.