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Orion Digital Corp., formerly Mogo Inc., reports developments tied to its digital finance platform, operating results, and capital structure. The company operates across wealth, payments, and digital assets, with Intelligent Investing as its wealth platform and Carta Worldwide as its payments infrastructure business for issuer processing and transaction authorization.
Company news commonly covers quarterly and annual financial results, wealth revenue and assets under management, payments volume, capital allocation, share repurchase activity, and the transition from Mogo to Orion Digital. Updates also reference the company's mature consumer lending portfolio and Bitcoin treasury strategy as part of its broader platform-driven business model.
Mogo Inc. has successfully completed the acquisition of Fortification Capital Inc., a Canadian registered investment dealer, following regulatory approvals. This acquisition provides Mogo with essential licenses and technology to expedite the launch of MogoTrade, its commission-free stock trading platform. The deal involved a cash payment of $500,000, additional payments based on Fortification's working capital, and the issuance of 75,000 common shares of Mogo. Mogo aims to leverage this acquisition to enhance wealth management offerings for Canadians.
Mogo Inc. (NASDAQ:MOGO) reported strong Q2 2021 financial results, with a 29% revenue increase to $13.7 million. Subscription and services revenue grew by 81% to $8.2 million, now constituting 60% of total revenue. Despite a net income of $9.0 million attributed to a gain on its Coinsquare investment, the company reported an Adjusted EBITDA loss of $3.0 million. Mogo's total member base surged by 63% to approximately 1.7 million. Mogo is well-positioned for future growth, raising guidance for subscription revenue growth to 100%-110% in Q4 2021.
Mogo Inc. (TSX:MOGO) will hold a conference call on August 11, 2021, at 3:00 p.m. ET to discuss its Q2 2021 financial results. The call will be led by CEO David Feller and CFO Greg Feller, with a slide presentation included in the live webcast. Financial results will be made available before market open on the same day. Mogo aims to empower over 1.5 million members with digital financial solutions, including a spending account, cryptocurrency transactions, and credit score monitoring.
Mogo (NASDAQ:MOGO) has announced that its subsidiary, Carta Worldwide, is collaborating with allpay to facilitate public sector payment initiatives in the UK. These include distributing prepaid cards through the National Health Service to support health programs and the Healthy Start initiative for new mothers. Mogo aims to democratize financial services through technology, while Carta’s platform allows for the issuance of virtual and physical cards. This partnership represents a significant step in digitizing public health payments in the UK.
Mogo announced a minority investment in Tetra Trust Company, Canada's first qualified custodian for cryptocurrency assets. This investment aims to strengthen Mogo's stake in the growing cryptocurrency market, as Tetra Trust provides secure custody solutions for digital assets like bitcoin and ether. Notably, Mogo holds a 4% ownership in Tetra Trust and an approximate 39% stake in Coinsquare, which also supports Tetra. This development is essential as it positions Mogo to capitalize on the expanding cryptocurrency ecosystem in Canada.
Mogo Inc. held its annual general meeting of shareholders, with all resolutions passed, including the election of directors and appointment of auditors. A total of 35,329,257 votes were cast, representing 54.51% of outstanding shares. Notably, David Feller received 95.94% of votes in favor of his reelection. KPMG LLP was reappointed as the Company’s auditor with 99.95% approval. Mogo continues to enhance its digital financial solutions for over one million members through its app, offering features such as a prepaid card, cryptocurrency trading, and credit monitoring.
Mogo (NASDAQ:MOGO) has completed the acquisition of 2.0% of Coinsquare, Canada's leading cryptocurrency platform, from Michael Diamond and affiliated vendors. The deal involved Mogo issuing 378,774 shares and a cash payment of $5 million. Mogo also holds an option to acquire an additional 3.4% of Coinsquare shares, with potential ownership increase up to 14%. Coinsquare has demonstrated significant growth since 2014, enhancing Mogo's position in the digital asset sector.
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.