Fintech

TSX:MOGO

Mogo has broadened its reach to 20 million Canadians, with the brand now present in eight provinces across Canada.

Mogo Finance Technology (TSX:MOGO) on Thursday (August 16) announced that it has expanded into new regions across Canada, broadening its reach to 20 million Canadians.

The company said that its entire suite of products are now available in Nova Scotia while its MogoMortgage solution is available in Manitoba, New Brunswick, Prince Edward Island.

Mogo currently serves over 650,000 members and operates in Ontario, British Columbia and Alberta. With its latest expansion, Mogo is present in eight provinces across Canada in some capacity.

“With more than 650,000 members today, we’re pleased to introduce Mogo’s products into new markets making it easier for Canadian consumers to manage their financial life through our growing suite of digital financial products,” David Feller, CEO of Mogo said in the release.

The company offers six financial products through its digital platforms with its portfolio ranging from credit monitoring solution to its Mogo Card which lets users digitally control their spendings and set a savings goal. The MogoMortgage solution allows users to digitally apply for a mortgage and monitor the loan through the app’s dashboard.

“The expansion of our Mortgage product to an additional 2 million Canadians, and our launch in Nova Scotia to almost 1 million more Canadians, is a significant milestone towards our goal of empowering all Canadians to get financially fit,” David said.

In March, Mogo through its launch of MogoCrypto became the first company in Canada to offer a solution for buying and selling bitcoin at real time prices.

Earlier this month, Mogo announced its second quarter results with the company reporting that its core revenue grew 64 percent while registering a record revenue of C$15.4 million.

Following the second quarter results, Greg Feller, president of Mogo, said that the company is focused on expanding its customer base to 800,000 members by year-end.

“Through a combination of further member growth, along with increasing opportunities to monetize this growing member base, we see a significant opportunity to drive strong growth going forward,” Greg said.

Meanwhile, David revealed in the earnings call that the company’s upcoming products, Robo Adviser and the high interest savings account, would be launched in the next 12 months.

“.. Our plan at this stage is within the next 12 months to have both those products launched,” David said. “We have yet to determine which one we’re going to launch first.”

In terms of the high interest savings account, David said that the company is looking into that as a ‘big opportunity’ with the potential of roping in more customers.

“I think, as of a few weeks ago, the highest rate offered by, say, the big banks was about 0.9%. We’re looking at offering a rate that’s, at this stage, probably double that. So a very attractive deposit rate,” David said in the earnings call.

Following the announcement, shares of Mogo were down 3.23 percent and closed the trading session on Thursday at C$4.80. The company has a moderate buy ranking on TipRanks with an analyst target price of C$7.25. Further, the stock has a buy ranking on TradingView with 16 verticals in favor, two against and eight in neutral.

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

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