Mogo Finance Technology Inc. (OTCQX: MOGOF) (TSX: MOGO), one of Canada's leading financial technology companies, today announced that it has exceeded 500,000 Mogo members – doubling their member base since August 2016. Since 2014, the number of members on Mogo's platform has grown annually at an average rate of 114% fueled by multiple launches of new innovative digital finance products all accessible through Mogo's digital account and Mogo's growing brand awareness.
"Reaching half a million members is a huge milestone for Mogo on our path to one million members and, ultimately, toward our vision to build the leading digital banking experience in Canada," said David Feller, Founder and CEO of Mogo. "Although the transformation to digital financial services is in the early stages in Canada, our member base today rivals the largest credit union in the country. This growth has accelerated in recent months and we're seeing a continued increase in the percentage of millennials signing up for a MogoAccount – evidence that our unique value proposition continues to resonate with the next generation of Canadians."
Mogo attributes its strong member growth to the power of its platform including its unique and growing product offering designed to help Canadians get in control of their financial health; its innovative marketing partnership with Postmedia which builds brand awareness across Canada; and its recent expansion into four new provinces: Manitoba, New Brunswick, Newfoundland and PEI.
The Network Effect & the Power of the Mogo Platform
- Member growth accelerated with almost two thirds of new members categorized as millennials
- Mogo's multi-product platform includes:
- Mogo's platform has been engineered to deliver multiple financial products at scale and enable the launch of new products all within the same digital account
- New product introductions including Mogo's recently announced plans to integrate Bitcoin and other cryptocurrencies into the Mogo Account
- Dedicated fintech team of over 250 employees focused on building the leading digital finance experience in Canada
As the digital banking experience continues to evolve, Mogo is committed to introducing more innovative products that empower Canadians to manage their financial health.
"By delivering a unique and compelling value proposition, we believe we are well positioned to continue to grow our member base and further strengthen the trust we are building with the next generation of Canadians," said Greg Feller, President and CFO.
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