Mogo’s new ‘Rainforest Mode’ includes the sounds and visuals of the Amazon Rainforest and is designed to evoke a calming, zen-like atmosphere, aimed at helping users be more mindful of their spending to not only reduce their carbon impact but also to become more in control of their spending to achieve better financial health.
Mogo, a Vancouver-based Fintech company that offers solutions to help consumers maintain good financial health, released its new feature to enable users to join the fight against climate change. ‘Rainforest Mode,’ which mimics the sights and sounds of the Amazon rainforest, brings Mogo’s carbon offsetting project called MogoSpend, to MogoCard, the company’s pre-paid debit card.
“Financial stress continues to be one of the biggest stressors for Canadians, while climate change remains one of the biggest long-term challenges we all face. Our goal with the MogoCard was to design a solution that helps consumers get control of the most important part of their financial game, spending, while also helping to solve climate change,” says David Feller, Mogo’s Founder & CEO. “Given more than 50% of Canadians carry credit card debt, moving away from credit card spending to a product that only lets you spend what you load is the first step toward gaining control of your finances.”
Launched in July, MogoSpend is the first product of its kind. It’s 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. Carbon offsetting is a process where the damage caused by releasing CO2 is effectively reduced by doing other things that remove CO2, such as planting trees.
Mogo has partnered with Vancouver-based Offsetters, a company specializing in helping companies go green, including managing offsetting projects. The current project supported by Mogo is a certified REDD+ initiative focused on protecting the Amazon Rainforest, one of the largest absorbers of CO2 on the planet today, from deforestation.
“Canadians spend more than $900 billion annually in cash, debit, and credit card payments, and this is increasing as more and more people and businesses go cashless,” says Greg Feller, Mogo’s President. “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.”
The MogoCard and Rainforest Mode are free to all Canadians and available by downloading the Mogo app. In addition to these products and features, the Mogo app offers members free identity fraud protection, free credit score monitoring, and a simple way to buy and sell bitcoin. Mogo is the only FINTRAC regulated and publicly traded Canadian company on both the TSX and NASDAQ to offer Canadians this full-suite of products.