Welcome to our dedicated page for Mogo news (Ticker: MOGO), a resource for investors and traders seeking the latest updates and insights on Mogo stock.
Mogo Inc (MOGO) is a leading Canadian fintech innovator providing digital financial solutions focused on credit health, smart spending, and identity protection. This dedicated news hub aggregates official press releases and verified updates about the company’s strategic initiatives, financial performance, and product developments.
Investors and stakeholders will find timely information on quarterly earnings, partnership announcements, and technology innovations shaping Mogo’s position in the digital finance sector. The curated collection includes updates about its core offerings: digital lending platforms, credit score monitoring tools, and fraud prevention services.
Bookmark this page to stay informed about Mogo’s market movements, leadership updates, and regulatory filings. All content is sourced directly from company communications to ensure accuracy and compliance with financial disclosure standards.
Mogo (NASDAQ:MOGO) has announced the purchase of approximately 146 Ether (ETH) at an average price of US$2,780, aligning with its strategy to increase on-balance sheet investments in blockchain and fintech. This follows a recent sale of its Vena Solutions investment for US$4.7 million, yielding a 116% profit. Mogo has also invested in Bitcoin, acquiring 18 Bitcoins at an average price of US$33,083. The company aims to allocate up to 5% of its investment portfolio to cryptocurrencies, highlighting its commitment to blockchain technology.
Mogo announced the divestment of its investment in Vena Solutions for approximately $4.7 million, a 116% increase from its book value as of December 31, 2020. This sale strengthens Mogo's balance sheet and is part of its strategy to monetize its investment portfolio, which totaled $18.4 million at year-end 2020. Mogo aims to continue capitalizing on similar opportunities in 2021. The divestment coincides with Vena's recent $300 million Series C funding round, highlighting Mogo's successful investment strategy in private technology companies.
Mogo Inc. (NASDAQ:MOGO) will participate in the H.C. Wainwright Cryptocurrency, Blockchain & FinTech Conference on April 27, 2021. President Greg Feller is scheduled to present virtually at 12:30 PM ET and will engage in one-on-one meetings throughout the day. The company provides digital solutions for financial health, including a digital spending account, bitcoin trading, credit score monitoring, and ID fraud protection. Interested investors can register for the conference at www.hcwevents.com/crypto.
Mogo Inc (NASDAQ:MOGO) has successfully completed a strategic investment in Coinsquare, acquiring a 19.99% ownership stake for $27.4 million and the issuance of 2,807,577 common shares. This investment allows Mogo the potential to increase its stake to 43%. The partnership aims to enhance cryptocurrency trading capabilities for Mogo's clients and expand access for more Canadians. Coinsquare continues to pursue IIROC membership to become a regulated marketplace, which is critical for its growth in the evolving digital asset landscape.
Mogo has completed a strategic investment in Coinsquare, acquiring a 19.99% stake for $27.4 million and issuing 2.8 million shares. Mogo holds rights to raise its ownership to 43% through share purchases and warrants. Coinsquare reported a 700% increase in assets and a 500% rise in revenue, reaching an estimated $19 million in Q1 2021. This partnership aims to enhance Mogo's digital wallet and wealth offerings, positioning it well in Canada's evolving fintech landscape.
Mogo Inc. (NASDAQ:MOGO) announced an expansion of its Carta Worldwide payments platform in the U.S., enhancing its debit card issuance services for fintech challenger banks. Partnering with LendingClub Bank, Mogo aims to provide advanced debit card products that facilitate rapid deployment of digital banking solutions. With LendingClub Bank's assets around $2.3 billion, the partnership is set to leverage its broad customer base and innovative services. Carta's platform offers robust APIs for flexible card program deployment, aiming to meet evolving fintech needs across multiple regions.
Mogo Inc. (NASDAQ:MOGO) has expanded its bitcoin cashback rewards program to include MogoMortgage, allowing users who take out a new mortgage or refinance to earn up to $3,100 in cashback credited to their Bitcoin and Rewards account. This initiative aims to attract consumers interested in accumulating bitcoin without financial risk. CEO David Feller noted that the cryptocurrency's volatility is prompting Canadians to seek ways to invest safely. The Canadian residential mortgage market is valued at approximately $1.7 trillion, strengthening Mogo's position in the financial technology sector.
Mogo (NASDAQ:MOGO), a digital payments and financial technology company, has filed a preliminary short form base shelf prospectus with Canadian securities commissions, enabling it to raise up to US$500 million in various securities over the next 25 months. This filing follows the expiry of its previous prospectus from December 2019. A corresponding registration statement has also been submitted to the SEC, which is not yet effective. The details regarding any future offerings will be disclosed in prospectus supplements at that time.
Mogo Inc. (NASDAQ:MOGO) has entered a binding letter of intent to acquire Moka Financial Technologies Inc. in an all-stock transaction valued at 5,000,000 Mogo shares and the assumption of $3 million in net debt. This acquisition is projected to boost Mogo’s member base by over 40%, reaching more than 1.7 million members. Moka, a popular Canadian app with over 500,000 active users, specializes in automatic savings and investments. The deal aims to enhance Mogo’s offerings, including launching a free stock trading solution, and is expected to close by Q2 2021, pending regulatory approval.
Mogo Inc. (NASDAQ:MOGO) reported its financial results for Q4 and FY 2020, showing transformative growth driven by strategic acquisitions and an expanding digital wallet series. Q4 subscription and services revenue increased by 8.4% to $4.6 million, with total revenue reaching $10.0 million. Gross profit margin soared to 80.2%. The company improved its net loss to $2.8 million for Q4, against $6.2 million in the prior year. Mogo raised $82 million in new capital, enhancing its balance sheet for future growth. Looking ahead, Mogo expects 80% to 100% growth in subscription revenue for Q4 2021.
