Mogo (MOGO.T) launched their new digital spending account with a Mogo Visa platinum prepaid card today.
MogoSpend, the company’s new digital spending account, was designed to help Canadians improve their financial health while protecting the environment through more spending controls and automatic carbon offsetting.
“Canadians spend more than $900-billion annually in cash, debit and credit cards payments, and this is increasing as more and more people and businesses go cashless. As our members adopt MogoSpend — and we bring new members into the Mogo account — we hope we can help them achieve a net zero carbon footprint and, collectively, make a meaningful impact on carbon reduction,” said Greg Feller, Mogo’s president.
Mogo’s intention with this new account and card offering is to help Canadians kill their debt while not killing the planet by reducing their carbon footprint to zero. MogoSpend was previously available only through a waitlist, and now is available through the free Mogo application, now available on iOS or Android.
“In 2020, we are dealing with a global pandemic, rising financial and social inequality, and an escalating climate emergency. This has created an urgent need for a more sustainable way to manage our finances — one that takes into account our financial health, the planet’s health and the health of our society. Our goals in creating MogoSpend were to create a new way for Canadians to manage their spending that helps to address these problems and to make the product accessible to everyone, regardless of income,” said David Feller, Mogo’s founder and chief executive officer.
MogoSpend is the only card in Canada that offsets CO2 with each purchase. One pound of CO2 is offset on the consumers behalf for every dollar spent. The company believes this to be an advantage in that not only can they assuage their guilt over their carbon footprint by reducing it to a net zero carbon footprint, they can actually offset more CO2 than they contribute, which presumably does something positive for the environment.