Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo”), one of Canada’s leading financial technology companies, today announced that it has established a new referral agreement with EQ Bank, the digital banking platform offered by Equitable Bank, through which Mogo will offer access to EQ Bank’s Savings Plus Account to Mogo members through the Mogo app.
“Our mission is to help Canadian consumers improve their financial health – to make smarter decisions on spending, on accessing and managing credit, and on saving for their future,” said David Feller, Mogo’s Founder & CEO. “Toward this end, we continue to build out our own suite of digital products while also establishing referral agreements for best-in-class banking products we do not currently offer today. We are pleased to work with EQ Bank to offer their high interest Savings Plus Account, giving members the ability to earn more, with no fees and free transactions. We share EQ Bank’s passion for challenging the conventions of traditional banking to transform the customer experience through technology.”
Under the agreement, Mogo will promote the Savings Plus Account through the MogoWealth section of the Mogo app. In addition, Mogo will use other channels, such as email and in-app targeting, to drive referrals to EQ Bank for this product. Mogo will receive a fee for every qualified account referred to EQ Bank.
Greg Feller, President of Mogo, added: “We have recently expanded our monetization strategy to include a new referral model and this is the second significant agreement under this new model. This creates additional fee-based revenue streams for Mogo and, over time, will provide a simpler, faster path to monetization of our large and growing base of more than one million members.”