Leading the future of digital finance in Canada, Mogo celebrates major milestone
VANCOUVER, Nov. 1, 2017 /CNW/ - Mogo Finance Technology Inc. (TSX: MOGO)(OTCQX: MOGOF), one of Canada's leading financial technology companies, today announced that it has exceeded 500,000 Mogo members – doubling their member base since August 2016. Since 2014, the number of members on Mogo's platform has grown annually at an average rate of 114% fueled by multiple launches of new innovative digital finance products all accessible through Mogo's digital account and Mogo's growing brand awareness.
"Reaching half a million members is a huge milestone for Mogo on our path to one million members and, ultimately, toward our vision to build the leading digital banking experience in Canada," said David Feller, Founder and CEO of Mogo. "Although the transformation to digital financial services is in the early stages in Canada, our member base today rivals the largest credit union in the country. This growth has accelerated in recent months and we're seeing a continued increase in the percentage of millennials signing up for a MogoAccount – evidence that our unique value proposition continues to resonate with the next generation of Canadians."
Mogo attributes its strong member growth to the power of its platform including its unique and growing product offering designed to help Canadians get in control of their financial health; its innovative marketing partnership with Postmedia which builds brand awareness across Canada; and its recent expansion into four new provinces: Manitoba, New Brunswick, Newfoundland and PEI.
The Network Effect & the Power of the Mogo Platform
- Member growth accelerated with almost two thirds of new members categorized as millennials
- Mogo's multi-product platform includes:
- Canada's first free credit monitoring solution
- MogoMortgage - Digitally led mortgage experience which recently was awarded Best Use of Mobile Technology by the Canadian Mortgage Association
- MogoCard - Canada's first digital spending account with Prepaid Visa
- MogoMoney - Canada's first full-spectrum consumer loan solution with "Level-up" program that rewards consumers for consistent payments
- Mogo's platform has been engineered to deliver multiple financial products at scale and enable the launch of new products all within the same digital account
- New product introductions including Mogo's recently announced plans to integrate Bitcoin and other cryptocurrencies into the Mogo Account
- Dedicated fintech team of over 250 employees focused on building the leading digital finance experience in Canada
As the digital banking experience continues to evolve, Mogo is committed to introducing more innovative products that empower Canadians to manage their financial health.
"By delivering a unique and compelling value proposition, we believe we are well positioned to continue to grow our member base and further strengthen the trust we are building with the next generation of Canadians," said Greg Feller, President and CFO.
Mogo (TSX: MOGO; OTCQX: MOGOF) — a Vancouver-based financial technology company — is focused on building the best digital financial services experience for the next generation of Canadians. Mogo's platform currently delivers four 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, the Mogo Platinum Prepaid Visa® Card, mortgages and personal loans. The platform was engineered to deliver multiple financial products at scale and enable the launch of additional new innovative products all within the same digital account. With more than 500,000 members and growing, Mogo continues to execute on its vision of becoming the financial brand for the next generation of Canadians. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).
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 intention to accelerate its plans to integrate Bitcoin and other cryptocurrencies into the MogoAccount and introduce new products and features based on blockchain technology and statements regarding Mogo's member growth, platform, brand, current products and plans to launch new products. 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 and its ability to expand into new products and markets 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 7, 2017, 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.
SOURCE Mogo Finance Technology Inc
For further information: Craig Armitage, Investor Relations, firstname.lastname@example.org, (416) 347-8954