Q4 net member additions increased by 55% over Q3, second quarter in a row
of accelerating growth
Mogo, 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 announced the second consecutive quarter of accelerating new member growth, with net member additions in Q4 2020 increasing by 55% versus Q3 2020. Mogo ended 2020 with more than 1.1 million members, placing it among the largest fintech companies in Canada by total members.
“Financial health is a top-of-mind issue for more and more Canadians, and we are seeing this reflected in the growing adoption of our unique multi-product financial health solution,” said David Feller, Mogo’s Founder and CEO. “Our new member growth accelerated for the second quarter in a row. This speaks to the appeal of our specific products – including Bitcoin, free ID fraud protection, and our unique carbon offsetting Mogo Visa* Platinum Prepaid Card – as well as the value of having them all integrated into one seamless, easy to use, digital account that helps members manage their financial lives. We believe we are well positioned for continued strong member growth and engagement in 2021.”
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Greg Feller, Mogo’s President added: “We believe we are at the beginning stages of the transition from traditional banking to fintechs that offer new and innovative products, however, we believe the ultimate winners will be those that can bring multiple best-in-class products into one app to manage financial health. As one of the fintech pioneers in Canada, we believe we are well positioned to capitalize on these trends with our multi-product financial health app.”
* Trademark of Visa International Service Association and used under licence by Peoples Trust Company. Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int. and is subject to Terms and Conditions, visit mogo.ca for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC). MogoSpend is only available to MogoMembers with an activated MogoCard. MogoCard means the Mogo Visa Platinum Prepaid Card.
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