Mogo Inc., a digital wealth and payments business, has unveiled Moka.ai, the latest iteration of its wealth-building application. With a suite of significant updates and enhancements, Moka.ai aims to guide the next generation of Canadians towards a tangible path to millionaire status and financial freedom.

David Feller, Founder and CEO of Mogo, underscored the urgency of the situation, citing a recent survey of Canadians aged 55 to 65 who have yet to retire. The survey revealed a stark reality: 75% of respondents have accumulated less than $100,000 in savings, a mere fraction of the $1.7 million average believed necessary for a comfortable retirement. Feller emphasized the need for disruptive solutions, stating, “This highlights how broken the system is and the opportunity for disruption.”

Moka.ai is designed to address this systemic issue by leveraging decades of data and behavioural science to assist individuals in charting a course towards financial prosperity. Feller explained, “Our goal is to help ensure that the next generation doesn’t suffer the same fate.” The app offers a suite of features aimed at simplifying and automating the wealth-building process, empowering users to cultivate the necessary habits and behaviours for financial success.

Key features of Moka.ai include:

• Behavioral Science Integration: Recognizing that achieving millionaire status hinges on adopting the right habits and behaviours, Moka.ai incorporates behavioural science to guide users towards financial excellence.
• Financial Freedom Calculator: Moka.ai introduces a patent-pending wealth calculator, gamifying the process of setting and managing financial goals to help users determine how much they need to invest to achieve financial freedom.
• Sustainable Investing: In addition to facilitating financial growth, Moka.ai enables users to contribute to the restoration of Canadian forests devastated by wildfires, with over 300,000 trees already planted by the community.
• Proven Long Term Strategy: Specializing in helping members invest in the S&P 500, Moka.ai emphasizes a proven long-term strategy that historically averages a 10% annual return since 1957, outperforming the average investor by over 16 times.
• Disruptive Pricing Model: Moka.ai introduces a revolutionary pricing model with a flat monthly fee of $7.00, regardless of the value of investments, significantly undercutting traditional industry fees.
• Simple Automated Investing: Moka.ai offers a fully managed solution, allowing users to automate their investments and dividend reinvestments easily, with fractional investing capabilities.
• Artificial Intelligence Integration: With an eye towards the future, Moka.ai incorporates artificial intelligence into its roadmap, aiming to enhance user experience and aid in achieving investment objectives.

Moka.ai represents a pivotal step towards addressing the pressing financial challenges faced by Canadians, offering a comprehensive solution designed to empower individuals on their journey towards financial independence. As the landscape of investing continues to evolve, Mogo Inc. remains committed to providing innovative tools and resources to support the financial well-being of its users.