Leading Credit & Lending Brands in Canada: Q2 2024 Performance Overview

Introduction

As the credit and lending landscape in Canada continues to evolve, certain brands have emerged as leaders in digital engagement and user outreach. In Q2 2024, Credit Karma, Inc., Koho Financial Inc., and Borrowell have distinguished themselves with significant audience numbers across their websites and apps. This article delves into the performance and trends of these brands, leveraging comprehensive data provided by Sensor Tower.

Credit Karma, Inc.

Credit Karma's digital presence is solidly established through its website, creditkarma.com, and the Intuit Credit Karma app.

• Audience Trends: From Q1 to Q2 2024, creditkarma.com experienced fluctuations in web visits. Starting with 5.9M visits in January, it peaked at 6.5M in March before declining to 4.8M in June. The monthly true audience remained above 1.6M throughout the quarter, with a notable decline in web-only visitors over time.

• App Engagement: The app maintained a consistent monthly active user base, peaking at 1.05M in March and settling at approximately 930K by June.

• Ad Spend & Channels: Credit Karma's advertising efforts were minimal, with a noticeable spike in monthly spending on Reddit in June, reaching around $23 with over 8K impressions.

Koho Financial Inc.

Koho showcases its offerings through koho.ca and the KOHO: Canada's Money App.

• Audience Trends: Koho.ca saw significant traffic, with visits ranging from 1.3M to 2.8M. Monthly true audience numbers remained above 700K, with a balanced distribution of app-only and web-only visitors.

• App Engagement: The app's monthly active user count fluctuated, starting at 650K in January and ending at 600K in June, showcasing a stable yet slightly declining trend.

• Ad Spend & Channels: Koho invested heavily in advertising, peaking in May with a monthly spend of over $640K and impressions surpassing 150M. Instagram and Facebook were key channels, with significant engagement.

Borrowell

Borrowell's digital strategy includes its website, borrowell.com, and the Borrowell: Credit Score Canada app.

• Audience Trends: Borrowell.com maintained stable web visits, hovering around 1.6M to 1.9M. The monthly true audience remained consistent, slightly above 570K.

• App Engagement: The app's monthly active users remained steady, averaging around 300K throughout the period.

• Ad Spend & Channels: Borrowell's advertising efforts were minimal, with occasional monthly spend on YouTube and Instagram, peaking at about $114 in January.

Conclusion

The digital landscape for credit and lending in Canada is robust, with Credit Karma, Koho, and Borrowell leading the charge. Sensor Tower's comprehensive data provides invaluable insights into these brands' performance across web and app platforms, highlighting trends in audience engagement and advertising strategies. For a deeper understanding of cross-platform user behavior, Sensor Tower remains an unparalleled resource, offering detailed insights through its Web Insights, App Performance Insights, and Pathmatics offerings.