VANCOUVER, Aug. 20, 2019 /CNW/ - Mogo Inc. (TSX: MOGO) (NASDAQ: MOGO) ("Mogo" or the "Company"), one of Canada's leading financial technology companies, today announced it has surpassed the 900,000 member milestone as it continues to establish itself as an increasingly important part of millennials' financial lives.
"We have invested more than $200 million to date in our platform which, along with our $300 million marketing partnership with Canada's largest news media company, is driving strong member growth," said David Feller, Mogo's Founder and CEO. "Importantly, this growth is being led by the desirable millennial segment, which represents 65% of our new member additions. As we continue to improve the experience and deliver more value to our members, we are seeing increased engagement and member growth. Given the challenge millennials have with managing their financial health, we believe our growth continues to be driven by executing on our mission of making it easy and engaging for our members to improve their financial health."
Greg Feller, President & CFO, added: "We continue to see opportunities to increase our average revenue per member of more than $70 today, including the expected impact of new fee-based lending revenue from our partner lending platform and the upcoming Mogo Platinum Prepaid Visa® Card roll-out."
This news release may contain "forward-looking statements" within the meaning of applicable securities legislation, including statements regarding Mogo's strategic priorities and expectations for 2019. 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 current annual information form, which is available at www.sedar.com and www.sec.gov. 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