Mogo Opens Over 200,000 New Member Accounts in 2018

Mogo Finance Technology (TSX:MOGO;NASDAQ:MOGO) announced on Tuesday that it has opened over 200,000 new member accounts in 2018, thereby increasing the total member base to approximately 756,000 as of December 31, 2018.

As quoted in the press release:

“We are driven to help Canadians get in better control of their financial health through our mobile-first platform and growing suite of products,” said David Feller, Mogo’s Founder and CEO. “Our account base is growing quickly, and we expect this to continue through 2019 as we add new products and features – all within one app that is designed to provide a best-in-class digital experience.”

Mogo’s focus on millennials and digitally-minded Canadians is delivering results: more than 50% of the new members added in 2018 are millennials.

Greg Feller, President & CFO, added: “Our team is hard at work on the development of new features and products – including the rollout of the enhanced MogoCard with a new cash back program as well as expansion of our MogoWealth products – that will bring even more value to our members and additional opportunities to monetize this member base. With a best-in-class digital experience, more than 750,000 members and a growing brand, we believe Mogo is a unique and valuable platform in the Canadian financial services landscape. We continue to have active discussions with potential partners as we look to further expand our product offering.”

Click here for the full text release.