Mogo Inc., a Vancouver, Canada-based fintech, has launched the MogoSpend digital spending account, a no-fee mobile app that offers customers a prepaid Visa card with loyalty rewards designed to help customers reduce their carbon footprints. 

MogoSpend charges no monthly or annual fees and offers 1.5% back on domestic purchases in Canada and 3% back on foreign currency purchases, with no caps on the rewards cash. In order to reduce the carbon footprint of customers, Mogo said it will offset one pound of CO2 for every dollar spent using the card and is partnering with Offsetters, a Vancouver-based company that helps firms become more sustainable.

"One of the biggest financial challenges consumers face is overspending and 57% of Canadians now carry credit card debt," David Feller, founder and CEO at Mogo, said in a company release. "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 more importantly, we wanted to make this a card that also helps to make a positive impact on the planet."