Leading Brands in Canada’s Credit & Lending Category: Q1 2024 Insights

Introduction

In the rapidly evolving landscape of digital finance, several brands have emerged as leaders in Canada’s Credit & Lending category. This article delves into the performance of three prominent brands: Credit Karma, Inc., Koho Financial Inc., and Borrowell, over the period from Q4 2023 to Q1 2024. Sensor Tower’s comprehensive data provides a unique cross-referencing of web, app, and advertising metrics, offering unparalleled insights into these brands’ digital footprints.

Credit Karma, Inc.

Credit Karma is renowned for its free credit score and report services. Its digital presence is robust, featuring its website, creditkarma.com, and the Intuit Credit Karma app.

• Audience Trends: From October 2023 to March 2024, creditkarma.com consistently attracted over 5M monthly visits, peaking in March with 6.5M visits. The monthly true audience remained stable above 2M by March, indicating significant web engagement.

• App Engagement: The Intuit Credit Karma app saw a steady increase in monthly active users, starting at 690K in October and reaching over 1M by March, reflecting a growing mobile user base.

• Ad Spend & Channels: Credit Karma’s advertising efforts were minimal, with sporadic spending on desktop video and Reddit, peaking at a modest $1.2K in January.

Koho Financial Inc.

Koho Financial is known for its innovative approach to personal finance management, offering a prepaid Visa card and financial insights. Its online presence includes koho.ca and the KOHO: Canada’s Money App.

• Audience Trends: Koho’s website visits showed a dynamic trend, starting at approximately 2M in October and surging to nearly 2.8M by March. The monthly true audience consistently hovered around 700K by the end of the quarter.

• App Engagement: The app experienced stable monthly active users, maintaining around 600K throughout the quarter, underscoring a balanced web and app user base.

• Ad Spend & Channels: Koho demonstrated a robust advertising strategy, with significant investments across Facebook, Instagram, and YouTube. Their monthly ad spend peaked at over $450K in October, generating millions of impressions.

Borrowell

Borrowell is a leader in offering free credit score access and financial product comparisons. Its digital footprint includes its website, borrowell.com, and the Borrowell: Credit Score Canada app.

• Audience Trends: Borrowell’s website visits fluctuated, beginning at 2M in October and stabilizing around 1.7M by March. The monthly true audience remained just over 500K throughout the period.

• App Engagement: The app’s monthly active users showed a slight decline, starting at 277K and decreasing to 269K by March, indicating a need for increased mobile engagement.

• Ad Spend & Channels: Borrowell’s advertising was limited, with a peak monthly spend of $38K in October, primarily on Facebook and Instagram, achieving over 9M impressions.

Conclusion

The Credit & Lending category in Canada demonstrates diverse strategies and user engagement across leading brands. Credit Karma, Koho, and Borrowell each exhibit unique strengths and areas for growth. Sensor Tower’s comprehensive data, including Web Insights, App Performance Insights, and Pathmatics, provides critical insights into these trends, enabling brands to refine their digital strategies for continued success. By leveraging these insights, decision-makers can optimize their digital presence and advertising strategies to capture and engage their target audience effectively.