Mogo Inc. - Common Shares (MOGO)

Competitors to Mogo Inc. - Common Shares (MOGO)

Go2bank

Go2bank is a digital bank offering various financial services, including personal loans, budgeting tools, and a secured credit card. Although both Mogo and Go2bank target the digital-savvy audience, Go2bank has a strong competitive advantage with its comprehensive banking solutions and integration of essential services like direct deposit. This full-service banking focus provides customers with significant convenience, potentially drawing customers away from Mogo’s narrower range focused on credit.

LendKey Technologies

LendKey Technologies offers a range of financial services including student loan refinancing and personal loans, similar to Mogo's suite of financial products. Both companies focus on alternative lending solutions; however, LendKey's platform emphasizes partnerships with credit unions and community banks to provide a unique lending ecosystem. This gives LendKey a competitive edge in establishing trust through local institutions, while Mogo relies on a digital-first approach catering to tech-savvy consumers.

NerdWallet

NerdWallet is primarily a financial advice platform that offers comparisons of financial products including credit cards, loans, and investment accounts. While Mogo provides direct financial products, NerdWallet competes by offering users tools and resources to make informed financial decisions. This positions NerdWallet as a thought leader in personal finance, which may attract users seeking information before making financial choices, thereby creating indirect competition.

Upstart 

Upstart uses artificial intelligence to assess creditworthiness for personal loans, similar to Mogo’s lending services. The unique AI-driven underwriting process provides Upstart with a significant competitive advantage by potentially reducing default rates and expanding credit accessibility to underserved populations. As a tech-forward company, Upstart's focus on innovation allows it to tailor loan offerings better than traditional competitors, thereby placing it ahead of Mogo in the lending market.