Company continues to add senior talent from the financial services sector as it pursues its vision to become Canada's leading digital financial brand
VANCOUVER, Oct. 7, 2015 /CNW/ - Mogo Finance Technology Inc. (TSX: GO), one of Canada's fastest-growing financial technology companies, today announced that Shirley Chen, CFA, CPA, CGA, MBA, has joined the Company in the newly created role of Treasurer based in Mogo's Toronto office. Chen has more than 15 years of financial management experience, the past 10 in progressively senior treasury roles, including at ING Direct Bank and Street Capital Financial. During her career, she has led or been directly involved in $20 billion of asset-backed securitization.
Chen joins Mogo during a period of rapid growth and is one of several senior professionals who have recently joined the Company from traditional financial services companies.
"We're thrilled to add Shirley to the team," said Greg Feller, President & Chief Financial Officer of Mogo. "Her experience developing and scaling a multi-billion-dollar securitization program, as well as her seven years with one of the world's first online banks, makes her an excellent fit with the Mogo team and strategy. As we pursue our vision of becoming the leading digital financial brand in Canada, we continue to invest in attracting a best-in-class team to execute on our vision."
Chen's addition also underscores Mogo's commitment to expand and diversify its sources of funding as it continues to grow its instalment loan portfolio within the broader $278 billion consumer loan market in Canada. Under Chen's direction, Mogo expects to develop marketplace lending and securitization programs, consistent with its stated plans to continue to lower its cost of capital.
"The future of financial services will be driven by digital innovation and I'm excited to join a high-growth company that is very well positioned to capitalize on this trend and build the leading platform in Canada," said Chen.
Most recently, Chen served as Vice President, Treasury at Street Capital Financial, one of the largest non-bank mortgage lenders in Canada. Previously, she spent seven years with ING Direct Bank, most recently as Director, Finance. Among other accomplishments at ING, she successfully led the securitization project for the bank, established the accounting framework and administration policies and procedures for mortgage-backed securitization transactions and inter-company securitization transactions, which enhanced the source of funding and liquidity position for the bank. Chen has also held senior roles with Coventree Capital and Maple Trust Company.
Chen is a Chartered Professional Accountant and Chartered Financial Analyst. In addition, she received her Masters of Business Administration (Finance) from Nankai University, China.
At Mogo (TSX: GO), we are driven by the belief that technology and design can not only transform the way Canadians access financial solutions, but also give them a way to take control of their financial health. Through our online platform, we provide convenience, transparency, a more enjoyable customer experience, and greater value compared with traditional brick-and-mortar financial institutions. Since launching our first online loan product in 2006, Mogo has become the leading online lender in Canada, with over 1 million loans originated and the only full credit spectrum lender. With our ever-expanding portfolio of innovative and socially responsible financial solutions, including our unique Level Up program, free Mogo Prepaid Visa card, and Member Perks program, we're building a digital financial brand for the next generation of savvy Canadians. To learn more about Mogo—recently referred to as the potential "Uber of banking" by CNBC, Toronto Star and others—visit mogo.ca.
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the future growth of Mogo's business and its intention to expand into other products and markets. 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 ability to expand into new products and markets are subject to a number of conditions, many of which are outside of Mogo's control, and which may require registration under applicable securities laws. For a description of the risks associated with Mogo's business please refer to the long form prospectus dated June 18, 2015 and 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.
SOURCE Mogo Finance Technology Inc
For further information: Craig Armitage, Investor Relations, [email protected], (416) 347-8954