Mogo members flock to carbon offset feature
The launch of a carbon offsetting initiative helped swell net member growth on Mogo’s fintech platform by 89% in the most recent quarter.
Launched in July this year, users automatically contribute to carbon offsetting as they spend on their MogoCard - a branded Visa Platinum Prepaid Card. The offsetting itself is handled through a partnership with specialist firm Offsetters.
The proposition has been an attractive USP in the Candian market, resulting in a boost to overall member growth - 16% year on year - pushing the platform above 1m users.
“The initial feedback on this experience has been excellent and it's something that until you experience it, you won't appreciate how impactful it can be,” said David Feller, Mogo’s founder and CEO, on Tuesday’s earnings call.
The eco-conscious feature is one in a suite of app enhancements including the introduction of Bitcoin functionality, aimed at ‘gamifying’ banking and increasing customer engagement.
“We have seen a big increase in bitcoin accounts, and our recently announced bitcoin rewards program should help to continue this growth as more and more Canadians look for exposure to this asset,” David Feller adds.
Mogo’s Q3 results
Mogo revealed the highlight during a solid Q3 earnings report. Core revenue beat guidance to reach CAN$9.8m, with EBITDA of CAN$4.8m, a near 350% increase on the same period last year.
Net income of CAN$1m was a significant improvement over the CAN$6m loss reported in Q3 2019.
“Our third-quarter results continue to underscore the core profitability and cash generation capability of our financial model,” said Mogo president and CFO Greg Feller. "As we transition back to growth mode heading into 2021, we are financially well positioned and have a growing number of paths to monetising our more than one million members.”
NFT Marketplace Rarible Raises US$14.2m
Alongside the funding announcement, Rarible has shared that they’ve officially partnered with NBA Top Shot maker Dapper Labs to bring their NFT marketplace to Dapper’s Flow blockchain. Dapper Labs has begun building out a wider coalition of NFT platforms on its proprietary blockchain which is more energy-efficient and less costly than transactions on the Ethereum network.
“To mark this next phase, we are also proud to enter an official partnership with Flow. Dapper Labs has an impressive track record of bringing NFTs mainstream by creating native experiences for non-crypto audiences. As a blockchain, Flow enables easier access and lowers the entry barrier for traditional consumers and brands, which makes it a perfect partner on our journey to the wider adoption.
“In the coming couple of months, we will be bringing Rarible on Flow as a primary and secondary marketplace, also welcoming the robust ecosystem of projects built on Flow blockchain,” Rarible said.
According to the company, last June, 6 months post-launch, total trading volume on Rarible hit the $28,000 mark. By June 2021 it grew by a mind-blowing 3000x, reaching $150 million in total sales.
“Just as we have always been at the forefront of the NFT movement, Rarible is determined to pioneer the next wave,” the co-founder of Rarible’s marketplace and CEO Alexei Falin said. “With this company milestone, we are thankful for the support of Venrock, 01 Advisors, and Coinfund and look forward to going beyond the current enclosed crypto environment and taking NFTs into mainstream consciousness.”
In a blog post the company says they hope to use this funding to explore more user-friendly developments like accepting credit card payments. “We need a world where an indie creator can effortlessly create an NFT and sell it for $5 to his community of supporters, as well as where a pop icon can use NFTs to establish close contact with her multi-million audience in a sustainable way.”
Rarible has a lot underway in the upcoming few months, including the launch of Rarible NFT protocol, L2 solution for scalability and sustainability, credit card payments, adoption of Flow blockchain, multiple partnerships and drops, and more. Many projects are already working on integrations with Rarible protocol, such as the partnership with one-click NFT creator S!NG that allows users to mint and put their NFTs on sale with no costs involved.