Mogo Reports Fourth Quarter & Full-Year 2020 Financial Results
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a leading digital wallet and payments company, today announced its financial and operational results for the fourth quarter and full-year ended December 31, 2020.
“In 2020 and early 2021, we have taken strategic and financial steps that have fundamentally transformed the business and put us in an even stronger position to take advantage of accelerating adoption of digital wallets and financial health solutions,” said David Feller, Mogo’s Founder and CEO. “The strong growth in our fourth-quarter net member additions reflect the early results of these efforts, in particular the increase in bitcoin accounts and trading, as well as increased transaction activity on MogoCard. To accelerate our strategy, we have completed the recent acquisition of Carta, which enhances Mogo’s payments capability and gives us an important foothold in the fast-growing B2B payments market and have announced an investment in Coinsquare, Canada’s premier cryptocurrency company which positions us to further expand Mogo’s digital asset capabilities. With today’s announcement of our agreement to acquire Moka, we will greatly expand our product capabilities and total addressable market in the $4+ trillion wealth management industry. This will give us the most comprehensive consumer financial health app and digital wallet in Canada. Mogo has never been better positioned for growth across multiple product categories and geographies.”
“We have also transformed our balance sheet and financial position through a series of important steps over the past 12 months,” added Greg Feller, President and CFO of Mogo. “Since December 2020, we have raised close to $82 million in net new capital to support anticipated organic growth, as well as our acquisition strategy and strategic investments such as Carta and Coinsquare along with today’s announcement regarding our agreement to acquire Moka. These transactions help accelerate Mogo’s product roadmap and strategy as well as give us additional revenue scale, diversification, and position Mogo for accelerating subscription and services revenue growth in 2021 against a very favorable market backdrop for fintech.”
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