Mogo, one of Canada’s leading financial technology companies, announced the full launch of its new digital spending account (“MogoSpend”) that comes with a Mogo Visa* Platinum Prepaid Card. This is the first product of its kind designed to help Canadians improve their financial health and the health of the planet through better spending control and automatic carbon offsetting. Mogo’s goal is to help Canadians get to zero debt and a zero carbon footprint.
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MogoSpend, previously available through a waitlist only, is now readily available through the free Mogo app, 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,” said David Feller, Mogo’s Founder & CEO. “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.”
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Net Zero Carbon Footprint
Climate change continues to be one of the biggest issues we face today and if we have learned anything recently, it’s that if we don’t take these kinds of things seriously now, it can become too late. Many experts agree that getting to net zero carbon emissions (meaning, eliminating as much carbon as we produce) is an essential step in the fight against climate change. Although many companies including Apple and Amazon have recently announced initiatives to achieve a net zero carbon footprint, given that 72% of emissions come from consumer consumption, it’s time to help consumers achieve the same. Everything we buy has a carbon footprint, whether it’s ordering food delivery, buying clothes or filling up our cars. The average consumer today is trying to do their part by reducing, reusing and choosing more sustainable options but with the average Canadian’s annual carbon footprint estimated at approximately 30,000 pounds, there is still work to be done.
MogoSpend is the first and only card in Canada that automatically offsets CO2 with each purchase. For every dollar spent, one pound of CO2 is offset on the consumer’s behalf. This can not only help Canadians get to a net zero carbon footprint, but in many cases this will offset more CO2 than they contribute, which is considered climate positive.
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