Mogo introduces bitcoin cashback rewards to mortgage

By Pavithra R

Mogo, a FinTech company, offering customers solutions to manage and control their finances through its mobile app, has announced extending its bitcoin cashback rewards program which currently applies to the Mogo Visa platinum prepaid card and digital spending account to include MogoMortgage.

Under the program, Mogo members who take out a new mortgage or refinance can earn up to $3,100 cashback deposited in their Bitcoin and Rewards account.

“Our bitcoin rewards program is all about giving our members more ways to accumulate bitcoin. It’s clear that we’re still in the beginning stages of seeing consumers add bitcoin to their financial portfolios, just as we’re seeing corporations add it to their balance sheets. Given the volatility and speculative nature of bitcoin, there’s an increasing number of Canadians who are looking for ways to participate without risking their own money, and our bitcoin rewards program meets this demand. As an independent mortgage brokerage, our goal has always been to help members get the best rate and the right mortgage, and now our new bitcoin rewards program will reward them with up to $3,100 in bitcoin,” said David Feller, Mogo’s Founder and CEO.

Members can apply through the free Mogo app at any time. The firm, as a mortgage brokerage works with some of the leading lenders in Canada to list together a lineup of the best mortgage products and rates. This means that Mogo’s professionals can provide personalized advice based on the individuals’ needs, rather than the needs of their bank.

“Unlike traditional reward programs, bitcoin rewards have the unique characteristic of being an asset class that can rise in value over time – $3,100 invested in bitcoin 5 years ago would be worth over $350,000 today,” continued David Feller.

Founded in 2003, Mogo is a digital challenger to the banks in Canada, empowering consumers with simple solutions to help them manage and control their finances. Recently, the firm entered the Canadian wealth management industry with acquisition of Moka.