Further establishing Mogo as Canada's leading digital banking experience
VANCOUVER, Jan. 16, 2017 /CNW/ - Mogo Finance Technology Inc. (TSX: MOGO / Frankfurt: MO0) ("Mogo"), one of Canada's leading financial technology companies, today announced that it has surpassed 350,000 Mogo members, an increase of approximately 58,000 from the 292,000 members reported at the end of Q3 2016.
"We continue to experience very strong member growth, adding more than 50,000 in the fourth quarter of 2016," said David Feller, Founder and CEO of Mogo. "This growth demonstrates that Canadians are continuing to embrace adding Mogo to their financial wallet, alongside their existing bank accounts. Our growing member base is a significant asset that we will further monetize through new fee-based products such as mortgages and the digital spending account, both of which will be publicly launched this year. Consistent with our long-term goal to build the best digital banking experience in Canada, we expect to continue launching new products and, over time, to offer consumers all the products they can get from a traditional bank."
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding Mogo's member growth and anticipated product launches. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. 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 invest in its platform and expand into new products and markets and its expectations for its financial performance for 2017 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 annual information form dated March 30, 2016 for the year ended December 31, 2015, which is available at www.sedar.com. 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.
Mogo (TSX: MOGO) - a Vancouver-based financial technology company - is focused on building the best digital banking experience in Canada, with innovative products designed to help consumers get in control of their financial health. Built mobile first, users can sign up for a free MogoAccount in only three minutes and get access to free credit score monitoring, a free spending account, mortgages and personal loans. With more than 350,000 members and growing, Mogo is leading the shift to digital banking in Canada. To learn more, please visit mogo.ca or download the mobile app.
SOURCE Mogo Finance Technology Inc
For further information: Craig Armitage, Investor Relations, firstname.lastname@example.org, (416) 347-8954; Alex Langer, Capital Markets, email@example.com, (604) 765-1604