Mogo Inc Stock Price, News & Analysis

Mogo, a digital payments and financial technology company, announced the nomination of Wendy Rudd and Dr. Liam Cheung to its board of directors ahead of the annual shareholder meeting on June 29, 2021. Both nominees bring extensive experience in the securities industry and are expected to support Mogo's growth, particularly its next-generation wealth offering. Current directors Minhas Mohammed and Kees Van Winters will retire, marking a significant transition in leadership. Mogo aims to enhance its digital solutions for over 1.5 million members, with a focus on financial health and innovative services.

Mogo Inc. (NASDAQ:MOGO) announced the successful completion of its acquisition of 5.4 million common shares of Coinsquare Ltd., raising its ownership from 19.9% to approximately 37%. The total consideration for this acquisition was $48.6 million, paid through the issuance of 5,080,876 common shares of Mogo. Mogo anticipates continued growth at Coinsquare, noting a significant increase in assets and trading volumes since its initial investment. Future ownership increases beyond 49.9% will require Coinsquare board approval, which is uncertain.

Mogo Inc. (NASDAQ:MOGO, TSX:MOGO) plans to increase its stake in Coinsquare Ltd., Canada’s top cryptocurrency platform, by acquiring an additional 2.0% of its common shares from Michael Diamond and an affiliated company. Mogo may also buy another 3.4% within 120 days, potentially raising its ownership to approximately 53%. The acquisition is seen as strategically significant, supporting Mogo’s aim to build a comprehensive digital wallet in Canada. Coinsquare has reported strong financial growth, with record monthly revenue of $8.0 million in April 2021.

Mogo Inc. (NASDAQ:MOGO, TSX:MOGO) has announced that its payments platform, Carta Worldwide, has attained Visa Ready certification through the Visa Ready for Fintech Enablers program. This certification enables Carta to deliver digital issuance solutions to fintechs and traditional issuers across North America and Europe, enhancing their digital-first strategies. Carta's capabilities are further validated, appealing to various financial institutions seeking agile and flexible issuer processing solutions. The platform powers over 100 card programs globally.

Mogo Inc. (NASDAQ:MOGO) announces participation in the 16th Annual Needham Virtual Technology & Media Conference on May 19. Greg Feller, President, will present virtually at 12:45 PM ET and engage in one-on-one meetings. Mogo empowers over 1.5 million members with digital solutions for financial health, offering services like a prepaid card with carbon offsetting, bitcoin trading, credit score monitoring, and personal loans. Mogo's subsidiary, Carta Worldwide, provides a digital payments platform for fintech companies globally.

Mogo Inc. (NASDAQ:MOGO) has signed a binding letter of intent to acquire Fortification Capital Inc., a Canadian registered investment dealer, for $500,000 in cash, approximately $550,000 in working capital, and 75,000 Mogo Shares. This acquisition is aimed at securing the necessary regulatory capabilities for Mogo to offer commission-free stock trading, targeting a 2021 launch for its MogoTrade platform. As a wholly-owned subsidiary, Fortification will help Mogo integrate its wealth management offerings further. The transaction awaits regulatory approval from TSX and IIROC.

Mogo announced plans to increase its stake in Coinsquare, Canada's top digital asset trading platform, from 19.9% to about 37% by acquiring 5.4 million shares. The purchase, estimated between $46.9 million and $48.6 million, involves exercising a call option on 3.2 million shares and acquiring 2.2 million shares from Riot Blockchain. Following the transaction's completion, Mogo will account for Coinsquare using the equity method. Coinsquare reported April 2021 assets grew 230% YoY to $900 million, with an annual revenue run rate exceeding $95 million and a current EBITDA margin of around 50%.

Mogo Inc. (NASDAQ:MOGO) reported Q1 2021 financial results, highlighting strong growth in subscription and services revenue, which reached $6.0 million, a 32% increase from Q4 2020. Total revenue was $11.4 million, up from $10.0 million in Q4, though down from $13.9 million year-over-year. Mogo's cash and investments exceeded $120 million. The company successfully acquired Carta and Moka, enhancing its capabilities in B2B payments and wealth management. Despite a net loss of $2.8 million, Mogo anticipates significant growth in members and revenue, projecting 80% to 100% revenue growth in Q4 2021.

Mogo Inc. (NASDAQ: MOGO) has partnered with FSInsight to provide exclusive access to crypto and equity research for its members. The agreement allows Mogo to distribute FSI's research in Canada, offering valuable insights through free crypto briefings, interviews, and subscription-based research. This collaboration enhances Mogo's offerings in the growing crypto sector, which has shown strong growth potential. The partnership is seen as a significant value-add for Mogo members, aligning with the company's expansion into the $4-trillion wealth market.