Welcome to our dedicated page for Mogo Common Shares news (Ticker: MOGO), a resource for investors and traders seeking the latest updates and insights on Mogo Common Shares stock.
Mogo Inc. (symbol: MOGO) is a leading Canadian-based financial technology company dedicated to helping consumers manage their finances more effectively. With a mission to save Canadians $1 billion, Mogo offers a suite of innovative financial products designed to help consumers reduce debt and improve their financial health.
Based in Vancouver, BC, Mogo provides a range of personal loans, including their recently introduced installment loan product, MogoLiquid. The company's goal is not to encourage more spending but to promote smarter financial decisions. Their product offerings include the Mogo Card, a free prepaid Visa card, and various other digital finance solutions.
Upon signing up for a free Mogo account, users gain access to several perks such as a free credit score check, identity fraud protection, and exclusive treats and events. Mogo also offers digital loans and mortgages, along with a digital payments platform that powers next-generation card programs for both established global corporations and innovative fintech companies in Europe and Canada.
Recent achievements include partnerships with prominent financial institutions and the continuous enhancement of their digital platform to provide better user experiences and financial solutions. Mogo's commitment to financial literacy and responsible borrowing makes it a significant player in the fintech landscape.
For more information and the latest updates, visit mogo.ca.
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Mogo announces a significant business combination with Coinsquare, WonderFi Technologies, and CoinSmart, creating the largest regulated crypto asset trading platform in Canada. This transaction positions Mogo as the largest shareholder in the Combined Company with an expected 14% ownership. The Combined Company will boast over 1.65 million registered users and has an asset base exceeding $600 million. In 2022, these entities reported approximately $37 million in revenue. The closing of the transaction, anticipated in Q2 2023, is subject to shareholder approvals and regulatory conditions.
Mogo reported FY 2022 revenue of $68.9 million, a 20% increase year over year, with Q4 revenue at $17.1 million, reflecting a 1% growth. The company achieved positive Adjusted EBITDA of $0.2 million in Q4 2022, one year ahead of schedule, while total operating expenses decreased by 34% year over year. Mogo ended 2022 with $30.8 million in cash and a total of $68.4 million in cash and investments. Despite an increased net loss of $74.9 million due to non-cash impairment charges, Mogo is optimistic about 2023, targeting Adjusted EBITDA between $6 million and $8 million.
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