As Canadians head into another holiday season shaped by higher prices and tight household budgets, the question of how people access short-term credit is becoming harder to ignore.
Nearly eight in ten Canadians say inflation will affect their holiday spending this year, and more than a third plan to spend less than in past seasons, even though most still feel confident in their ability to budget. That mix of discipline and pressure is creating fresh demand for financial tools that are fast, transparent and more closely aligned with how people already manage their money.
Money Mart, one of Canada’s largest providers of alternative financial services, has been trying to meet that moment with a refreshed mobile app and a renewed focus on digital access. The company recently relaunched its app across Canada, introducing same-day funding options, real-time approvals, 24/7 access, and loans of up to 25,000 dollars that can be funded without a branch visit, at the same time that its more than 360 Canadian locations and over 60 U.S. branches continue to serve customers in person.
The move is part of a broader strategy from parent company Momentum Financial Services Group to pair its physical scale with a more modern, mobile-first experience for underbanked and non-prime consumers across North America.
We spoke with Momentum’s CEO, Peter Kalen, about what is behind the Money Mart app relaunch, why he is still investing heavily in branches in a digital era, and how he thinks about compliance, stigma and leadership in the alternative lending space as financial services become more tech-driven and customer-led.
You just launched a refreshed Money Mart mobile app. What was the motivation behind this upgrade and why now?
PK: Over the last few years, we have seen a real shift in how our customers want to manage their money. Many still rely on our branches, but they also expect to be able to do more from their phones, at whatever time of day life happens. The previous version of our app did the job, but its design and user experience no longer matched the clarity and ease that people now expect from a modern financial tool.
The refreshed Money Mart app closes that gap by enhancing how customers complete the tasks they rely on most. It allows eligible customers to access loans of up to $25,000 in minutes, with same-day funding options available 24 hours a day, seven days a week; all through a smoother, clearer, and more intuitive experience. Customers can check how much they might qualify for without impacting their credit score, choose how they receive the funds, by direct deposit or e-transfer, and manage repayments through a personalized dashboard that keeps upcoming payments front and centre.
We chose to launch ahead of the holidays because that is when the pressure is most visible. Our recent Holiday Spending Survey showed that 78 percent of Canadians expect inflation to affect their holiday spending this year, and more than a third are planning to cut back compared to past seasons. When everyday costs are already elevated, an unexpected bill in November or December can be the thing that pushes a household off balance. Giving customers fast, transparent options on their phone is our way of helping them navigate that moment with a bit more control.
How does this relaunch reflect your broader vision for Momentum Financial Services as a modern, digitally driven company?
PK: At Momentum Financial Services Group, our mission is to be a leading non-prime lender in North America, serving the full spectrum of customers who are often underserved by traditional banks. We are already one of the largest providers of alternative financial solutions in the region, with more than 40 years of experience and over 420 branches across North America. To keep serving our customers where they are, we need to be as strong digitally as we are in person.
The app relaunch is a tangible proof point of that strategy. Rather than introducing entirely new functions, it elevates the experience of getting funding and managing financial needs end-to-end. It brings a more seamless flow for real-time decisioning, clearer same-day funding options, and a more intuitive self-service journey into one experience that aligns with how people live and work today, while still connecting seamlessly to our in-store network. For me, it is a foundation we can keep building on; a stronger, more user-friendly digital front door that lets us deliver more personalized, data-informed products over time.
Many fintechs go all-in on digital, but you’ve maintained a strong in-store presence. What’s the thinking behind continuing to invest in both?
PK: Our customers do not live in a purely digital world. They live in a very real one, with jobs, families and day-to-day pressures. For some, applying for credit through the app at midnight is ideal. For others, walking into a Money Mart branch and talking to a real person feels safer and more comfortable; whether they’re facing a stressful situation or, when available, getting support from a multilingual staff member if English isn’t their first language.
Money Mart has more than 420 branches across Canada and the United States, serving over 900,000 customers a year with loans, cheque cashing, international money transfers through MoneyGram, prepaid cards and foreign currency exchange. That physical footprint is a big part of how we reach underserved communities where traditional banks may not have a presence.
We have chosen an omnichannel model very deliberately, so we can show up for customers where and when they need us most, in whatever channel works best for them. The refreshed app and online application on our website now offer a smoother, more intuitive experience, making it easier to navigate, understand options, and complete tasks on their own terms. Our branches give them human support and education when they want to talk things through. The two reinforce each other, and customers consistently tell us they value having both choices available.
As the industry faces increased scrutiny, how is Momentum approaching compliance while still pushing innovation forward?
PK: I have always believed that in our space, innovation has to sit on top of strong governance; not in opposition to it. Compliance is a non-negotiable foundation for us. We operate across complex, highly regulated markets, and we treat compliance as a core design parameter from the outset. When teams understand the regulatory boundaries upfront, they can innovate confidently within them, which allows us to move quickly and responsibly.
That philosophy shows up in very practical ways. We invest heavily in experienced legal, risk, and compliance teams, and we anchor product decisions in clear frameworks for underwriting, pricing, and customer transparency — including being explicit about the total cost of borrowing.
We also use technology to raise the bar. Digital tools like the Money Mart app give us a consistent way to apply credit rules across channels and make it easier for customers to understand their obligations in real time.
Your app update arrives ahead of the holidays, a financially stressful time for many. How are you aiming to support customers through that?
PK: Our job is to give people tools that are fast, transparent and fit the way they already manage their money. If an unexpected car repair or home emergency shows up in the middle of December, we allow customers to quickly see what they might qualify for without impacting their credit, consider their options, and receive funds the same day if they decide that is the right choice for them. We use a prequalification process that identifies the lowest-rate product for which a customer , helping them progress to more affordable credit over time. Whether in-app or in-branch, the common theme is that we are focused on helping people navigate a demanding time of year without judgment, and with as much clarity as possible.
The survey we released in November paints a very clear picture. Nearly eight in ten Canadians say inflation will affect their holiday spending this year, 37 percent plan to spend less than in previous seasons, and 43 percent are worried about balancing holiday costs on top of everyday expenses. At the same time, 81 percent still feel confident in their budgeting, which tells you that people are trying to be disciplined but feel squeezed by the reality of higher prices. This is why our prequalification strategy matters; meeting customers where they are financially allows us to offer suitable options.
What’s the biggest misconception about the alternative lending space that you think still needs correcting?
PK: One of the biggest misconceptions is that customers who use alternative lenders are somehow less financially capable. When you look at the data from our survey, you see the opposite. The vast majority of Canadians tell us they are confident in managing their budgets. They know when they get paid, they prioritize spending on necessities, and they work hard to make trade-offs. What they usually lack is access to flexible credit from traditional institutions; not the ability to manage money.
Another misconception is that all providers in this space operate the same way, and that non-prime lenders want customers trapped in a cycle of debt. In reality, responsible lenders like us want to help customers improve their financial standing over time.
There is a meaningful difference between regulated, transparent lenders that invest in customer support and those that do not. At Money Mart, we focus on access, inclusion, and dignity, reinforced by our decision strategy that determines the lowest rate for which a customer qualifies based on proprietary algorithms. That means clear language, fair and understandable terms, and a combination of digital and in-person support that treats people with respect and dignity at every step.
How do you see your role as a CEO evolving as financial services become more customer-driven and tech-enabled?
PK: My background has always been at the intersection of credit, retail and technology. In this role at Momentum, that experience translates into spending a lot more time connecting the dots between our product, technology and data teams on one side, and our branch, operations and risk teams on the other. Customers do not experience us in silos, so my job is to make sure we design around real-life journeys rather than internal org charts.
I also see the CEO role becoming more externally connected. That means ongoing dialogue with partners and community organizations, as well as being visible with our own people across the network. The pace of change in financial services is not slowing down, so you need a clear vision, a small set of non-negotiable principles, and then the humility to let talented teams innovate within that frame. If I can keep us anchored on access, transparency and responsibility while empowering our people to move quickly, I will feel that I am doing my part in this next phase of Momentum’s growth.
For more on Momentum Financial Services Group, visit www.mfsg.com to explore the full range of tools and insights available to Canadian borrowers.
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