Mogo Inc., a digital payments and financial technology company, announced a new partnership with CI Investment Services Inc. to provide a range of back office services to support MogoTrade, Mogo’s upcoming commission free stock trading app.
CI Investment Services is a leading Canadian broker-dealer that provides a wide range of innovative brokerage and trading services to portfolio managers, introducing brokers and institutional investors. Under the relationship with Mogo, CI Investment Services will provide various operational and back office services, including clearing and settlement, custody of client funds and securities, and trade execution. These services complement Mogo’s in-house capabilities and provide an efficient and flexible path to introduce and scale this new product.
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“This agreement represents another important step in the development of our MogoTrade commission free stock trading solution, which we expect will launch later this year,” said Greg Feller, President of Mogo. “CI is a high-quality, tech-savvy partner and we will leverage their capabilities to bring best-in-class operational execution to match what we expect will be a best-in-class product and user experience in the Canadian market. Like Mogo, they are an innovative, non-bank organization, and they bring the scale and depth of resources to support our needs as we grow.”
CI Investment Services is a wholly owned subsidiary of CI Financial Corp., an independent Canadian-based global asset and wealth management firm with approximately $320 billion in total assets (as at August 31, 2021). CI Investment Services is also a participant of the Toronto Stock Exchange (TSX), the TSX Venture Exchange (TSX-V), the Canadian Securities Exchange (CSE), Alpha, Pure, Chi-X, Omega, and NEO.
Launch of the MogoTrade commission free stock trading solution is subject to regulatory non-objection from the Investment Industry Regulatory Organization of Canada and the Québec Autorité des marchés financiers.
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Mogo is empowering its more than 1.6 million members with simple digital solutions to improve their finances. Through the free Mogo app, consumers can access a digital spending account with Mogo Visa* Platinum Prepaid Card, the only card of its kind in Canada. The MogoCard makes it easy to enjoy spending control while doing good for the planet by planting a tree for every purchase. The Mogo app also enables you to easily buy and sell bitcoin, get free monthly credit score monitoring and ID fraud protection, and access personal loans. Mogo’s wholly-owned subsidiary, Carta Worldwide, also offers a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe, North America and APAC, while Mogo’s wholly-owned subsidiary Moka is bringing automated, fully-managed flat-fee investing to Canadians from coast to coast to coast.
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