Leading Brands in Canada's Credit & Lending Category Q4 2024

Introduction

As we close out 2024, the Credit & Lending category in Canada showcases significant players dominating the market. Among them, Credit Karma, Affirm, and Koho Financial Inc. have emerged as leaders, each with distinct strategies and user engagement patterns. Utilizing Sensor Tower's comprehensive data, we delve into the performance and trends of these brands from Q3 to Q4 2024, highlighting key insights across their websites and apps.

Credit Karma, Inc.

Credit Karma's digital ecosystem is robust, featuring its website, creditkarma.com, and the Intuit Credit Karma app.

• Audience Trends: In Q4 2024, creditkarma.com maintained a stable monthly visit count, fluctuating around 4.5M. Notably, October saw a decrease to 4.2M, followed by a recovery in November. The monthly true audience remained above 1.5M throughout the quarter, with a noticeable peak in October.

• App Engagement: The app experienced a rise in monthly active users, peaking at around 965K in October before stabilizing in December.

• Ad Spend & Channels: July witnessed monthly ad spending over $900 with significant impressions, primarily on Instagram. However, subsequent months saw no ad expenditure, indicating a strategic pause.

Affirm

Affirm operates through its website, affirm.com, and the Affirm: Buy now, pay over time app.

• Audience Trends: Affirm.com experienced growth, with monthly visits rising from 2.5M in October to over 3.3M by December. The monthly true audience increased steadily, starting at approximately 543K in October and reaching nearly 669K in December.

• App Engagement: The app's monthly active user base showed a consistent upward trend, concluding the year with around 228K users.

• Ad Spend & Channels: Affirm did not allocate budget to advertising during this period, focusing on organic growth.

Koho Financial Inc.

Koho Financial Inc. leverages its website, koho.ca, and the KOHO: Canada's Money App for its services.

• Audience Trends: Koho.ca demonstrated fluctuating web visits, peaking at 2.8M in November. The monthly true audience consistently surpassed 750K, with a notable high of 919K in October.

• App Engagement: The app maintained a strong presence, with monthly active users peaking at 765K in October and stabilizing towards the end of the year.

• Ad Spend & Channels: Koho's monthly advertising spend was significant, exceeding $420K in October, with a focus on Instagram and Facebook, generating substantial impressions.

Conclusion

The Credit & Lending market in Canada remains dynamic, with Credit Karma, Affirm, and Koho Financial Inc. leading through effective digital strategies. Sensor Tower's cross-platform insights have been instrumental in understanding these brands' performances, providing unparalleled data on web and app engagement, as well as advertising trends. For businesses aiming to navigate this competitive landscape, leveraging such comprehensive data is crucial for informed decision-making.

For more detailed insights, explore Sensor Tower’s offerings: Web Insights, App Performance Insights, and Pathmatics.