Mogo Reports over 100% Increase in new Bitcoin Accounts in December
January 04 2021 - 6:40AM
Business Wire
Q4 2020 Net Member Additions Accelerated by
over 50% as compared to Q3 2020
All figures in Canadian $
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a
digital payments and financial technology company empowering the
next generation of consumers with innovative financial products
including buying and selling of Bitcoin through its mobile app,
today reported strong month-over-month and Q4 2020 growth in
several key metrics, fuelled in part by the fast-growing interest
in bitcoin among Canadian consumers.
Preliminary Highlights Include:
- A 108% increase in new bitcoin accounts in December compared
with November
- A 60% increase in the dollar value of bitcoin traded on the
Mogo platform in December versus November
- Accelerating new member growth, with net member additions up
over 50% in Q4 2020 versus Q3 2020
“Bitcoin’s exceptionally strong performance in 2020 – up over
300% for the year – and its growing credibility as an asset class
in general continue to fuel interest in bitcoin among Canadian
consumers,” said David Feller, Mogo’s Founder and CEO. “Despite
this surge, the majority of Canadians do not own or have exposure
to bitcoin, and Mogo is in a unique position to meet rising
consumer demand and bring a new level of convenience and
accessibility to bitcoin ownership.”
Greg Feller, President and CFO of Mogo, added: “The continued
growth of these important metrics clearly signal that we are
capitalizing on the interest in bitcoin to attract new members to
the Mogo platform and create engagement. While it’s early days for
this asset class, we see bitcoin as a great long-term opportunity
to drive member growth, engagement with all our products, and
ultimately member monetization.”
In December 2020, Mogo announced that it plans to make an
initial corporate investment of up to $1.5 million in bitcoin and
will consider additional investments in 2021 as it monetizes its
$17 million investment portfolio.
Mogo is one of the pioneers in Canada and the only
well-established Canadian company publicly traded on the TSX and
NASDAQ, offering a simple and low-cost way to buy and sell bitcoin.
MogoCrypto1, launched in 2018, offers an easy and convenient way to
buy and sell bitcoin in Canada. It enables members to buy and sell
bitcoin at real-time prices instantly through the Mogo app, 24/7
from their mobile device.
1To be eligible for MogoCrypto, members must first pass Mogo’s
identity and security verification process and agree to the
MogoCrypto Terms and Conditions. For more information, see
MogoCrypto Terms and Conditions:
https://www.mogo.ca/pdfs/MogoCryptoTermsAndConditions.pdf
Forward-Looking Statements
This news release may contain "forward-looking statements"
within the meaning of applicable securities legislation, including
statements regarding our ability to meet rising consumer demand for
bitcoin, our ability to bring a new level of convenience and
accessibility to bitcoin ownership, the opportunity to drive member
growth, engagement and monetization and our intention to invest in
bitcoin. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by management at the time of preparation, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies, and may prove to be incorrect.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual financial
results, performance or achievements to be materially different
from the estimated future results, performance or achievements
expressed or implied by those forward-looking statements and the
forward-looking statements are not guarantees of future
performance. Mogo's growth, its ability to expand into new products
and markets and its expectations for its future financial
performance are subject to a number of conditions, many of which
are outside of Mogo's control. For a description of the risks
associated with Mogo's business please refer to the “Risk Factors”
section of Mogo’s current annual information form, which is
available at www.sedar.com and www.sec.gov. Except as required by
law, Mogo disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
events or otherwise.
About Mogo
Mogo — a financial technology company — offers a finance app
that empowers consumers with simple solutions to help them get in
control of their financial health and be more mindful of the impact
they have on society and the planet. Users can sign up for a free
account in only three minutes, begin to learn the 4 habits of
financial health and get convenient access to products that can
help them achieve their financial goals and have a positive impact
on the planet including a digital spending account with Mogo Visa*
Platinum Prepaid Card featuring automatic carbon offsetting, free
monthly credit score monitoring, ID fraud protection and personal
loans. Members can also easily buy and sell bitcoin 24/7 through
the Mogo app, as well as participate in Mogo’s new bitcoin rewards
program. The Mogo platform has been purpose-built to deliver a
best-in-class digital experience, with best-in-class products, all
through one account. With more than one million members and a
marketing partnership with Canada's largest news media company,
Mogo continues to execute on its vision to gamify financial health
and become the go-to financial app for the next generation of
Canadians. To learn more, please visit mogo.ca or download the
mobile app (iOS or Android).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210104005404/en/
Craig Armitage Investor Relations craiga@mogo.ca (416)
347-8954
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