Mogo launches new Moka.ai investing app designed to help the next generation of Canadians become millionaires
14 Março 2024 - 9:46AM
Business Wire
- Moka.ai focuses on behavioral science and a proven long-term
investing strategy
- Disruptive, flat-fee monthly subscription model
- Innovative, patent-pending wealth calculator
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), a digital wealth and
payments business, announced the launch of Moka.ai, the next
generation of its wealth-building app with significant updates and
enhancements designed to help the next generation of Canadians get
on a real path to becoming millionaires and achieving financial
freedom1.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240314354721/en/
Power your wealth with behavioural
science (Photo: Business Wire)
“A recent survey of Canadians aged 55 to 65 who have yet to
retire revealed that 75% have less than $100,000 saved versus the
average amount of $1.7 million that Canadians believe they need to
retire2. This highlights how broken the system is and the
opportunity for disruption,” said David Feller, Mogo’s Founder and
CEO. “Our goal is to help ensure that the next generation doesn’t
suffer the same fate. Leveraging decades of data and behavioral
science, we have created a product that helps anyone get on a path
to being a millionaire. With Moka, we are seeing people go from not
having a financial path to retirement to being on track for
retiring with millions. Some were investing in mutual funds, some
were simply putting money in a savings account, but most had no
idea what the right approach was or how much they would need to
invest to achieve financial freedom. Moka makes it easy.”
The new Moka.ai app includes a powerful combination of features
to help Canadians simplify and automate the wealth-building
process.
- Power your wealth with behavioral science: Becoming a
millionaire, like any important and challenging life goal, is more
about adopting the right habits and behaviors than anything else.
Losing weight, for example, is more about discipline and behavior
than knowledge of what makes a good diet. Moka utilizes behavioral
science to help you adopt the right habits to achieve financial
excellence.
- Set and manage your goals with Moka’s financial freedom
calculator: Moka now includes a patent-pending wealth
calculator that helps anyone easily figure out how much they need
to invest to achieve financial freedom. The calculator gamifies the
right behaviors that help you achieve their financial goals.
- The most sustainable investing app in Canada: We know
that it’s not all about the money, and achieving financial freedom
while also having a positive impact is important to the next
generation. Moka users are also helping replant Canadian forests
devastated by wildfires. Our community has already planted over
300,000 trees.
- Proven Long Term strategy: Moka specializes in helping
members invest in the S&P 500, historically averaging a 10%
annual return since 19574. Over a 50-year time horizon, investing
in the S&P 500 outperformed the average investor by more than
16 times. It has also outperformed more than 90% of money managers5
and has been recommended by legendary investors like Warren Buffett
and Charlie Munger.
- Disruptive pricing model: One of the reasons Canadians
dramatically underperform the market is because of the high fees
charged in the industry. Moka introduces a revolutionary approach
with a flat monthly fee of $7.00/month, regardless of the value of
your investments. As a comparative example, $100,000 invested in a
mutual fund at 2% would cost $2,000 in annual fees, vs $1,000 with
a typical wealth advisor and only $84.00 with Moka. Over a typical
50-year investing horizon, this can mean hundreds of thousands in
fees that can otherwise go towards your wealth.
- Simple automated investing: Moka is a fully managed
solution. Users can easily automate their weekly or monthly
investments and dividend reinvestments. The app also allows for
fractional investing; Moka users can easily customize the amount
they want to contribute.
- Artificial intelligence (AI): We believe AI will reshape
the investing landscape, and the new Moka.ai app has been built
with this future in mind. The roadmap for the app includes new
applications of AI that are expected to enhance the user experience
and help people better achieve their investment objectives.
Canadians can open a Moka.ai account today by downloading the
app: App Store and Google Play.
1 – This projection is based on the Moka Equity Growth
investment model, which is 100% invested in the S&P 500. It
assumes a 10% rate of annual return, based on the S&P 500's
average return since its inception over the past 65 years, with
dividends reinvested. Investing $20 per week for 50 years based on
these assumptions would result in an investment of $1.25M.
Investing $100 per week would put an investor on track for over $1M
in 35 years through the power of compounding interest. Past
performance is no guarantee of future results. The actual returns
may vary. 2 -
https://newsroom.bmo.com/2023-02-07-BMO-Annual-Retirement-Study-Canadians-Believe-They-Need-1-7M-to-Retire-Up-20-Per-Cent-from-2020
3 -
https://hoopp.com/home/pension-advocacy/research/canadian-retirement-survey-2023
4 - The average annualized return since adopting 500 stocks into
the index in 1957 through Dec. 31, 2023, is 10.26%. –
https://www.investopedia.com/ask/answers/042415/what-average-annual-return-sp-500.asp
5 -
https://www.aei.org/carpe-diem/more-evidence-that-its-really-hard-to-beat-the-market-over-time-95-of-finance-professionals-cant-do-it/
About Mogo
Mogo Inc. (NASDAQ:MOGO; TSX:MOGO) is a financial technology
company headquartered in Vancouver, Canada. With more than 2
million members, $9.9B in annual payments volume and a ~13% equity
stake in Canada’s leading Crypto Exchange WonderFi (TSX:WNDR), Mogo
offers simple digital solutions to help its members dramatically
improve their path to wealth-creation and financial freedom.
Mogotrade offers commission-free stock trading that helps users
thoughtfully invest based on a Warren Buffett approach to long-term
investing – and make a positive impact with every investment. Moka
offers Canadians a real alternative to mutual funds that overcharge
and underperform with a passive investing solution based on a
S&P 500 strategy at a fraction of the cost. Through its wholly
owned digital payments subsidiary, Carta Worldwide, Mogo also
offers a low-cost payments platform that powers next-generation
card programs for companies across Europe and Canada. The Company,
which was founded in 2003, has approximately 200 employees across
its offices in Vancouver, Toronto, London & Casablanca.
Forward-Looking Statements
This news release may contain “forward-looking statements”
within the meaning of applicable securities legislation, including
statements regarding investment returns of the Moka.ai app and the
use of AI in the app. Forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by management at the time of preparation, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, and may prove to be
incorrect. Forward-looking statements are typically identified by
words such as "may", "will", "could", "would", "anticipate",
"believe", "expect", "intend", "potential", "estimate", "budget",
"scheduled", "plans", "planned", "forecasts", "goals" and similar
expressions. Forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause actual
financial results, performance or achievements to be materially
different from the estimated future results, performance or
achievements expressed or implied by those forward-looking
statements and the forward-looking statements are not guarantees of
future performance. Mogo’s growth, its ability to expand into new
products and markets and its expectations for its future financial
performance are subject to a number of conditions, many of which
are outside of Mogo’s control. For a description of the risks
associated with Mogo’s business please refer to the “Risk Factors”
section of Mogo’s current annual information form, which is
available at www.sedarplus.com and www.sec.gov. Except as required
by law, Mogo disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240314354721/en/
For further information: Craig Armitage Investor
Relations investors@mogo.ca (416) 347-8954 US Investor Relations
Contact Lytham Partners, LLC Ben Shamsian New York | Phoenix
shamsian@lythampartners.com (646) 829-9701
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