Mogo Reaches 600,000 Member Milestone

Mogo Finance Technology (TSX:MOGO, NASDAQ:MOGO), one of Canada’s financial technology companies announced that it has surpassed 600,000 members fuelled by growing awareness and multiple launches of new digital finance products.

As quoted in the press release:

“The financial services industry is moving to mobile, and we’re continuing to execute on our vision of making Mogo the go-to financial app for the next generation of Canadians,” said David Feller, Founder and CEO of Mogo. “Our growth and success will continue to be driven by how well we help our members manage and improve their financial lives through the Mogo app. The more innovative new products we launch, along with new features we release, and enhancements we make to our user experience, the faster we grow. Although we’re pleased with the milestone of 600,000 members, we know we are still in the very early days of this digital transformation. Our team is passionately focused on making Mogo the go-to financial app for millions of Canadians.”

Greg Feller, President and CFO, added: “Along with this digital transformation, we are also seeing a continued shift to the subscription economy. Millions of millennials now subscribe to music and movie services and we see a similar model emerging for financial services. At Mogo, members can sign up for free to access products while also having the option to upgrade to a monthly subscription to unlock additional features and benefits. The more products and services we add to this value proposition, the stickier it gets and the more users will likely see benefit in upgrading. Our 96% growth in subscription and fee based revenue in Q4 2017 highlights our progress in this area, and we expect this to continue to be one of our primary drivers of revenue growth.”

Q1 2018 Member Data Highlights

• Increased member base by approximately 52% year over year to 600,000 in Q1 2018
  • During the same period, monthly active mobile users increased by 127%
• Added 22% more members in Q1 2018 as compared to Q1 2017
• Approximately 70% of new member sign-ups are millennials

Mogo is committed to providing a suite of innovative products designed to help consumers manage their financial health. Through a platform that has been engineered to deliver multiple financial products at scale and enable the launch of new products all within the same digital account, Mogo currently offers:

• Canada’s first free credit monitoring solution – Mogo is the only company in Canada offering free monthly Equifax credit monitoring through a mobile app.

• MogoMortgage – Mogo is the only mortgage broker in Canada offering the ability to track your mortgage within a mobile app.

• MogoCard – Canada’s first digital spending account with a free Platinum Prepaid Visa^® card. Mogo is the only company in Canada to offer a free prepaid Visa along with free credit score monitoring through a mobile app.

• MogoMoney – Canada’s digital loan solution with a “Level-up” program that rewards consumers for consistent payments. Mogo is the only consumer finance company offering full spectrum loans and the ability to track your loan through a mobile app.

• MogoProtect – Digital solution designed to help Canadians protect against identity fraud. At $8.99/month, MogoProtect is the lowest cost identity fraud solution in Canada that alerts you to hard credit checks on your Equifax bureau through a mobile app.

• MogoCrypto – Canada’s first and only mobile solution that allows members to buy and sell bitcoin through an app without any funding or withdrawal fees.

Click here for the full text release.