Mogo Now Helping Over 1.1 Million Canadians Improve Their Financial Health
14 January 2021 - 11:55PM
Business Wire
Q4 net member additions increased by 55%
over Q3, second quarter in a row of accelerating growth
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a
digital payments and financial technology company empowering the
next generation of consumers with innovative financial products
including buying and selling of Bitcoin through its mobile app,
today announced the second consecutive quarter of accelerating new
member growth, with net member additions in Q4 2020 increasing by
55% versus Q3 2020. Mogo ended 2020 with more than 1.1 million
members, placing it among the largest fintech companies in Canada
by total members.
“Financial health is a top-of-mind issue for more and more
Canadians, and we are seeing this reflected in the growing adoption
of our unique multi-product financial health solution,” said David
Feller, Mogo’s Founder and CEO. “Our new member growth accelerated
for the second quarter in a row. This speaks to the appeal of our
specific products – including Bitcoin, free ID fraud protection,
and our unique carbon offsetting Mogo Visa* Platinum Prepaid Card –
as well as the value of having them all integrated into one
seamless, easy to use, digital account that helps members manage
their financial lives. We believe we are well positioned for
continued strong member growth and engagement in 2021.”
Greg Feller, Mogo’s President added: “We believe we are at the
beginning stages of the transition from traditional banking to
fintechs that offer new and innovative products, however, we
believe the ultimate winners will be those that can bring multiple
best-in-class products into one app to manage financial health. As
one of the fintech pioneers in Canada, we believe we are well
positioned to capitalize on these trends with our multi-product
financial health app.”
* Trademark of Visa International Service Association and used
under licence by Peoples Trust Company. Mogo Visa Platinum Prepaid
Card is issued by Peoples Trust Company pursuant to licence by Visa
Int. and is subject to Terms and Conditions, visit mogo.ca for full
details. Your MogoCard balance is not insured by the Canada Deposit
Insurance Corporation (CDIC). MogoSpend is only available to
MogoMembers with an activated MogoCard. MogoCard means the Mogo
Visa Platinum Prepaid Card.
Forward-Looking Statements
This news release may contain "forward-looking statements"
within the meaning of applicable securities legislation, including
statements regarding our ability to increase brand awareness, drive
member growth, engagement and monetization. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by management at the
time of preparation, are inherently subject to significant
business, economic and competitive uncertainties and contingencies,
and may prove to be incorrect. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause actual financial results, performance or achievements to be
materially different from the estimated future results, performance
or achievements expressed or implied by those forward-looking
statements and the forward-looking statements are not guarantees of
future performance. Mogo's growth, its ability to expand into new
products and markets and its expectations for its future financial
performance are subject to a number of conditions, many of which
are outside of Mogo's control. For a description of the risks
associated with Mogo's business please refer to the “Risk Factors”
section of Mogo’s current annual information form, which is
available at www.sedar.com and www.sec.gov. Except as required by
law, Mogo disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
events or otherwise.
About Mogo
Mogo — a financial technology company — offers a finance app
that empowers consumers with simple solutions to help them get in
control of their financial health and be more mindful of the impact
they have on society and the planet. Users can sign up for a free
account in only three minutes, begin to learn the 4 habits of
financial health and get convenient access to products that can
help them achieve their financial goals and have a positive impact
on the planet including a digital spending account with Mogo Visa*
Platinum Prepaid Card featuring automatic carbon offsetting, free
monthly credit score monitoring, ID fraud protection and personal
loans. Members can also easily buy and sell bitcoin 24/7 through
the Mogo app, as well as participate in Mogo’s new bitcoin rewards
program. The Mogo platform has been purpose-built to deliver a
best-in-class digital experience, with best-in-class products, all
through one account. With more than one million members and a
marketing partnership with Canada's largest news media company,
Mogo continues to execute on its vision to gamify financial health
and become the go-to financial app for the next generation of
Canadians. To learn more, please visit mogo.ca or download the
mobile app (iOS or Android).
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version on businesswire.com: https://www.businesswire.com/news/home/20210114005538/en/
Craig Armitage Investor Relations craiga@mogo.ca (416)
347-8954
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