FINANCIALLY HIP
MogoLounge uses a cool, pop-up feel to help millennials get real about money,
MogoLounge brings a hip feel to all kinds of money matters in Queen West storefront
Shag rugs. Street-inspired art. Retro furniture. A fridge full of drinks and Poke bowls.
The goal of MogoLounge, a storefront on Queen St. W. near Niagara St. is to “make finances cool,” in the words of Chantel Chapman, financial fitness coach.
Indeed, this is a pretty cool place in about the hippest location possible.
Chapman and other financially savvy folks from Vancouver digital finance company Mogo run the place, offering on-the-fly advice for those who stop in to chill. Screens in the lounge display the basics of how to sign up for services from Mogo.
The location also runs an array of events, some of them directly related to finance (Chapman’s Adulting 101 series sees her doing talks that use a game-show format to educate millennials about money). Others see celebs such as Amber Rose doing a pop-up. The lounge brings in chefs to talk about money (if you can successfully run a restaurant, you must be financially savvy) and bloggers to sell off swag at discounts.
Mogo dates back to 2006, when it began offering online loans, including high interest, payday-style loans. After an initial public offering in early 2015 and lots of time working on the development side, the brand is set to launch a more comprehensive array of digital financial products.
Currently, Mogo has numerous personal loans, including lines of credit, at a wide range of interest rates, but often better than those at banks and storefront lenders.
“Our CEO is passionate about help- ing Canadians get rid of credit card debt,” Chapman said.
To that end, Mogo (the name comes from “money on the go”) does things such as give clients interest reductions after making regular payments. When customers register online, they get their credit score right away at no charge. That registration also pre-approves people for loans of up to $35,000 from 5.9 per cent and up.
The set-to-launch suite of products will continue in the same vein. Those include a prepaid, no-fee Visa (it’s in beta now) that the brand is encouraging clients to view as a “spending account.” Mogo expects customers to keep a separate savings account at a major bank, but learn to keep their discretionary spending separate so they stay out of debt.
Mogo also notifies clients every time they use their cards. “This is a financially responsible product,” Chapman said. The company also expects to launch a mortgage over the next year.
Now, back to the lounge. “We took inspiration from experiential retailers who use brick-and-mortar locations to create unique experiences that build brand community,” said Mogo founder and CEO David Feller.
Indeed, this place is clearly meant to market the brand, using all the tips and tricks that street-friendly companies have been using over the past few years. Expect Mogo to partner with local artists and the like to generate buzz.
Overall, the lounge is a quirky concept, feeling more like a pop-up than a location that’s here to stay, and meshes well with the restaurants and shoe stores nearby.
But the brand’s target market is here. The young hipsters that stroll by — and just about everyone else in Canada to boot — need better financial products and a whole lot more money smarts.