Leading Brands in Canada’s Credit & Lending Sector: Q4 2023 Overview

Introduction

In the dynamic world of credit and lending, Canada’s market is continuously evolving. As Q4 2023 concludes, we analyze the performance of three key players: Credit Karma, Inc., Borrowell, and Koho Financial Inc. Using Sensor Tower’s comprehensive data, we delve into their web and app presence, audience trends, and advertising strategies.

Credit Karma, Inc.

Credit Karma's digital footprint spans both web and mobile platforms, with creditkarma.com and the Intuit Credit Karma app.

• Audience Trends: From Q3 to Q4 2023, creditkarma.com experienced fluctuations in visits. October saw a dip below 5M, but it rebounded above 6M in November. The monthly true audience peaked at over 1.7M in December, with a growing app audience.

• App Engagement: The app’s monthly active users increased steadily, surpassing 800K by December, highlighting a shift towards mobile engagement.

• Ad Spend & Channels: Advertising was minimal, with a notable monthly spend in November on desktop video, reaching over 32K impressions. This strategic focus suggests targeted campaigns.

Borrowell

Borrowell’s presence includes borrowell.com and the Borrowell: Credit Score Canada app.

• Audience Trends: The website saw a rise in visits, peaking in October with over 2M visits. The monthly true audience remained stable, hovering around 550K in Q4.

• App Engagement: The app maintained steady monthly growth, reaching nearly 290K active users in November, indicating strong mobile traction.

• Ad Spend & Channels: October marked a significant spike in monthly ad spend, exceeding $38K, primarily on Facebook and Instagram, generating millions of impressions.

Koho Financial Inc.

Koho operates through koho.ca and the KOHO: Canada’s Money App.

• Audience Trends: Koho.ca’s visits were consistently high, with a peak in October at nearly 2M. The monthly true audience grew steadily, exceeding 650K by December.

• App Engagement: The app’s active users rose consistently, reaching over 580K by the end of the year, showcasing a strong mobile presence.

• Ad Spend & Channels: Koho’s advertising was robust, with significant monthly expenditures across multiple channels, including Instagram and YouTube, totaling over $450K in October alone, and generating hundreds of millions of impressions.

Conclusion

As we observed in Q4 2023, each brand demonstrated unique strengths across web and app platforms. Sensor Tower’s unparalleled data insights reveal nuanced audience behaviors and strategic advertising efforts, offering a comprehensive view of the credit and lending landscape in Canada. For more detailed insights, explore Sensor Tower’s Web Insights, App Performance Insights, and Pathmatics offerings.