Canadian fintech Mogo is looking to combat the challenges of overspending and climate change with the introduction of MogoSpend digital spending account that comes with a Mogo Visa Platinum Prepaid Card.

Canadians can open the MogoSpend account in under three minutes and make fund transfers to MogoSpend from their bank account instantly, the fintech firm noted.

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The users can also use the Mogo app to track their spending. For all this, MogoSpend users will not be charged any fee.  

Additionally, the new offering is designed to lower carbon footprint by enabling users to offset one pound of carbon-dioxide for every dollar spent.

Mogo teamed up with Offsetters for the carbon offset programme.

Mogo founder and CEO David Feller said: “With Canada now in a state of climate emergency, and research reports showing that 72 percent of CO2 can be linked to individuals’ consumption, we wanted to make it easy for Canadians to make a positive impact.”

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At the same time, MogoSpend users can get 1.5% and 3% cashbacks on domestic and foreign currency purchases, respectively.

No limit is set on the money secured via cashback, with users credited back every month automatically.

Feller added: “One of the biggest financial challenges consumers face is overspending and 57 percent of Canadians now carry credit card debt.

“With MogoSpend, our goal was to create a product that gives consumers even more control than a debit card and with cashback rewards that rival the best credit cards in Canada, without charging monthly or annual fees, and importantly, we wanted to make this a card that also helps make a positive impact on the planet.”