Financial Services Veteran Matthew Bosrock Joins Mogo

Mogo Finance Technology (TSX:MOGO), one of Canada’s leading fintech companies, announced that it has added financial services veteran Matthew Bosrock to its board of directors.

The Canadian company recently announced that it reached the milestone of 600,000 members, increasing its member base by approximately 52 percent year-over-year in the first quarter of 2018. Mogo also debuted on NASDAQ in mid-April.

“We’re pleased to welcome such a highly accomplished financial services executive to [Mogo],” said David Feller, founder and CEO of Mogo.

“We expect to benefit from Matthew’s deep understanding of the industry as we continue to scale our suite of innovative products as well as evaluate new growth opportunities that further accelerate our vision to become the ‘go-to’ financial brand for the next generation of Canadians,” he added.

Bosrock brings in 25 years of experience in the financial services and financial information technology industries. Before joining Mogo, Bosrock was executive managing director at S&P Global Ratings.

“Having spent the majority of my career in financial services, both in Canada and globally, I can clearly see the enormous opportunity for Mogo as the digital transformation of banking disrupts the competitive landscape,” said Bosrock.

He continued, “[o]ver the last three years, Mogo has built what I believe is the leading consumer fintech platform in Canada. With their mobile first account, 600,000 members and multiple innovative products, including the launch of their newest product, MogoCrypto, I believe they are very well-positioned to be one of the winners in Canada’s multi-billion-dollar financial services industry.”

Mogo announced that Ron Patterson has retired as a board member after four years of service, but will continue as member of Mogo’s advisory board.

Earlier in April, when Mogo was added to the NASDAQ, Greg Feller, Mogo’s president and CFO, said that listing represented a significant step as the company grows towards the goal of becoming the go-to app in financial sector.

“We believe the listing will provide Mogo with increased visibility with prospective U.S. investors, improved liquidity and a more diversified shareholder base as we continue to grow our over 500,000 members and expand our suite of 6 innovative products, all available through our award winning mobile app,” Feller said.

Mogo was trading at C$3.34 as of 1:35 p.m. PST, on Thursday (May 3). Following the announcement on Wednesday (May 2), Mogo closed trading at C$3.43 and was up 1.18 percent. 

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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.