The automated savings tool will encourage Sun Life GRS members to easily find savings each month, helping them reach their financial goals
Mogo Inc., a digital payments and financial technology company, announced a new pilot with Sun Life to bring Mogo’s saving and investing app, Moka, to more than 20,000 Sun Life Group Retirement Services members. The app automatically rounds up daily purchases and invests the spare change in personalized, diversified portfolios of low-cost Exchange-Traded Funds. By using the Moka app, Sun Life members will be able to easily grow their savings each month. Members can help further grow their savings with roundup multipliers, recurring deposits and exclusive cashback offers from popular brands partnered with Moka.
“Sun Life is committed to equipping our clients with digital tools to help them take charge of their financial future. These unique digital solutions allow us to meet the growing needs of our clients.”
“We are thrilled to work with Sun Life, Canada’s largest workplace savings plan provider. They are bringing innovative solutions to members to support their financial health and security,” said Phil Barrar, Chief Innovation Officer of Mogo. “For many Canadians the COVID-19 crisis has placed a heightened focus on having a financial safety net. Our saving and investing app is a highly effective tool for helping to build a financial cushion.”
Mogo’s saving and investing app, Moka, lets members easily start saving in minutes, with no minimum required. As the first round-up-and-save app available in Canada, the app has been downloaded over 1 million times and has earned 10,000 5-star reviews to date. The app is available on the Apple App Store and Google Play Store.
Beginning this month, Sun Life will promote the saving and investing app to a pilot group of select plan sponsors. The app aligns with Sun Life’s purpose of helping its clients achieve lifetime financial security and live healthier lives.
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“We’re excited to share the Moka app with clients knowing it can have a real and lasting impact on their goals,” said Eric Monteiro, Senior Vice-President, Group Retirement Services, Sun Life. “Sun Life is committed to equipping our clients with digital tools to help them take charge of their financial future. These unique digital solutions allow us to meet the growing needs of our clients.”
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