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Mogo Inc
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Close 2022-04-21 C$ 2.48
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Mogo reaches one million trees on veritree

2022-04-22 09:20 ET - News Release

Mr. David Feller reports


In alignment with its mission to help Canadians achieve financial freedom while also solving one of the biggest social issues people face -- climate change, Mogo Inc. has reached its one million trees milestone in partnership with Vancouver-based reforestation platform, veritree. The achievement is a testament to the Mogo community, whose members turn their spending into climate action by enabling one tree to be planted every time they make a purchase with their MogoCard. The one million trees have been planted in Canada and Kenya. Going beyond reducing CO2 (carbon dioxide) emissions to actually sequestering them from the atmosphere -- a central benefit of tree planting -- is essential to meet the Paris Agreement's climate targets of limiting global warming to 1.5 C, according to the most recent report from the United Nations' intergovernmental panel on climate change.

"One way to stop climate change is by eliminating our carbon footprint and reaching net zero. With an estimated three billion people vulnerable to its effects, climate change is one of the most significant social issues of our time. Reaching net zero is a goal every Canadian can strive for, and Mogo is proud to be making this goal more achievable than ever," said David Feller, Mogo's founder and chief executive officer. "How we spend determines both our level of wealth and our carbon footprint. By using the MogoCard, Canadians are not only in better control of their money while striving for financial freedom; they are fighting climate change. Reaching this milestone and planting more than one million trees is proof that Canadians don't just want to build wealth; Canadians are serious about taking climate action and will choose products that enable them to have a positive impact and build a better future."

veritree is a restoration technology platform that works with planting partners to design, track and verify global reforestation efforts. Combining real-time project monitoring and data collection with a blockchain-based accounting system, veritree helps scale tree planting while validating its impact.

In just over four months, through their partnership, Mogo and veritree have enabled reforestation in Canada and Kenya, creating local jobs and helping to mitigate climate change by restoring ecosystems. In addition to restoring degraded forests and wildlife habitat, trees planted through this partnership contribute to healthier soil, vital coastal defence and cleaner waterways.

"veritree and Mogo share a vision for a restorative world that uses technology for good," said Derrick Emsley, chief executive officer of veritree. "We're proud to partner with Mogo to help Canadians leverage the power of nature-based solutions to drive the transformation to a low carbon and nature-positive future."

MogoCard statistics:

  • The average MogoCard user plants enough trees every month to offset 6,000 pounds of CO2, which represents nearly two times the average Canadian's monthly CO2 footprint.
  • The top MogoCard users offset 27 times the average Canadian's monthly carbon footprint.
  • Ninety per cent of MogoCard users say the card helps them better control their spending.
  • If only 25 per cent of debit and credit card transactions in Canada were done on the MogoCard, Canada would be a climate-positive nation.

Mogo is expanding its sustainable portfolio to include partnerships beyond veritree, making it even easier for Canadians to effectively manage their finances while also reaching a net-zero carbon footprint. By working with multiple leaders in the environmental innovation space, Mogo is empowering its community to make that much more of an impact, effortlessly.

Through Mogo's growing product portfolio -- including its new commission-free trading app, MogoTrade, which features free, real-time streaming stock quotes and where every investment made has a positive impact on climate change -- Mogo continues to pave the way for sustainable personal finance and demonstrate its commitment to creating a healthier planet while empowering Canadians to meet their financial goals.

About Mogo Inc.

Mogo, one of Canada's leading financial technology companies, is empowering its 1.9 million members with simple digital solutions to help them get in control of their financial health while also making a positive impact with their money. Through the free Mogo app, consumers can access a digital spending account with Mogo Visa Platinum prepaid card featuring automatic carbon offsetting, easily buy and sell bitcoin, get free monthly credit score monitoring and ID fraud protection, and access personal loans and mortgages. Mogo's new MogoTrade app offers commission-free stock trading that helps users make a positive impact with every investment and, together with Moka, Mogo's wholly owned subsidiary bringing automated, fully managed flat-fee investing to Canadians, forms the heart of Mogo's digital wealth platform. Mogo's wholly owned subsidiary, Carta Worldwide, also offers a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe, North America and Asia Pacific.

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