The Vancouver-based personal-finance company’s shares rose more than 16 per cent Wednesday after it reported substantial year-over-year member growth. (The Logic)
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The Vancouver-based personal-finance company’s shares rose more than 16 per cent Wednesday after it reported substantial year-over-year member growth. (The Logic)
Talking point: Mogo said its member base grew 63 per cent from roughly one million to nearly 1.7 million in the second quarter, compared with the same period in 2020. The company attributed the increase to a combination of organic growth and its acquisition of investing platform Moka earlier this year. Mogo is eyeing expansion into new areas, such as stock trading and peer-to-peer payments products. On a call with analysts Wednesday afternoon, Mogo CEO David Feller said the company has nearly its entire product development team working on MogoTrade, which it seeks to launch in the fourth quarter. The introduction of Mogo’s peer-to-peer offering has been moved to next year, Feller said.
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