How Mogo is Helping Consumers Achieve Financial Freedom

Digital wealth and payments company Mogo has grown to the extent that it has more than two million members and an annual payments volume of CAD$9.9 billion

Mogo’s mission is simple: to make it easy for Canadians to achieve financial freedom while making a positive impact.

Headquartered in Vancouver, the digital wealth and payments company has grown to the extent that it has more than two million members, an annual payments volume of CAD$9.9 billion and a 13% equity stake in the crypto exchange WonderFi.

Now, in a bid to build on this success, Mogo has expanded its relationship with the data cloud giant, Snowflake, reinforcing a collaboration which has already been active for several years. 

Mogo is set to use the Snowflake Data Cloud as the foundation for its wealth products, greatly increasing the firm’s processing time and efficiency. Over time, this will facilitate the deployment of new AI applications to help everyday consumers invest better, build wealth and achieve financial freedom.

“It’s clear AI will be among the most transformative technologies we’ve ever seen,” comments David Feller, Founder and CEO at Mogo. “The impact it will have in the wealth industry will be significant, especially for the next generation of investors.

“The expanded use of AI ties to our objective to create the ultimate wealth-building platform for Canadians, who have trillions invested in the traditional wealth management space—yet the vast majority are not close to being on track for retirement because of underperforming, high-fee products. 

“We are at the early innings of AI reshaping the investing landscape. Mogo intends to be on the leading edge of leveraging AI to help Canadians, especially Gen Z, who have a 50-plus-year time horizon to benefit from these advancements.”

Mogo: Setting members on the path to wealth creation

Founded in 2003, Mogo offers simple digital solutions to help members dramatically improve their path to wealth creation and financial freedom. 

Today, the business has approximately 200 employees across offices in Vancouver, Toronto, London and Casablanca.

Mogo’s digital wealth platform includes a commission-free stock trading app of the same name, which helps users take a thoughtful, Warren Buffett-style approach to long-term investing, making a positive impact in the process. 

Also forming part of the platform is Moka, which offers Canadians a real alternative to mutual funds and wealth managers that overcharge and underperform. Its fully-managed investing solution is based on the proven outperformance of an S&P 500 strategy at a fraction of the cost.

What’s more, through its wholly-owned digital payments subsidiary, Carta Worldwide, Mogo offers a low-cost payments platform that powers next-generation card programmes for companies across both Europe and Canada. 

Feller adds: “As we continue to build a highly-scalable technology platform that can support millions of new members over time, Snowflake’s powerful and secure Data Cloud offering will enable us to unlock further efficiencies and increase performance at the same time.”

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