Mogo launches investing app Moka.ai in Canada to address broken system

Rick Steves

“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 retire. This highlights how broken the system is and the opportunity for disruption.”

Mogo has announced the launch of Moka.ai, a wealth-building application that combines behavioral science with a long-term investing strategy.

Launched in Canada, the app is distinguished by its disruptive, flat-fee monthly subscription model and includes a patent-pending wealth calculator designed to streamline the path to financial freedom.

Long-term investment strategy focused on the S&P 500

Moka.ai sets itself apart with several key features:

  • It leverages behavioral science to foster financial habits that contribute to wealth accumulation.
  • The app’s financial freedom calculator aids users in setting and managing their investment goals.
  • Moka has established itself as the most sustainable investing app in Canada, with initiatives like supporting reforestation efforts.
  • It offers a proven long-term investment strategy focused on the S&P 500, which historically delivers strong returns.
  • A flat monthly fee of $7.00, regardless of investment value, represents a significant cost saving compared to traditional investment fees.
  • The app allows for simple, automated investing, including weekly or monthly contributions and dividend reinvestments, as well as fractional investing.
  • Future updates are expected to incorporate artificial intelligence (AI) to further enhance the investing experience.
  • Moka.ai is available for download on both the App Store and Google Play

Mogo Inc. currently caters to more than 2 million members and has a significant presence in the digital wealth and payments sector.

Mogo CEO says the system is broken

David Feller, Founder and CEO at Mogo, said: “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 retire. This highlights how broken the system is and the opportunity for disruption.

“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.”

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