VANCOUVER, British Columbia, October 12, 2021– (BUSINESS WIRE) –Mogo Inc. (NASDAQ: MOGO) (TSX: MOGO) (“Mogo” or the “Company”), a digital payments and financial technology company, today announced a new partnership with CI Investment Services Inc. to provide a range of administrative services to support MogoTrade, the next commission-free stock trading app from Mogo.
CI Investment Services is a leading Canadian brokerage firm providing a wide range of innovative brokerage and trading services to portfolio managers, introducers and institutional investors. As part of 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 transaction execution. These services complement Mogo’s internal capabilities and provide an efficient and flexible route to introduce and evolve this new product.
“This agreement represents another important step in the development of our commission-free equity trading solution MogoTrade, which is expected to launch later this year,” said Greg Feller, President of Mogo. “CI is a high quality, technology-savvy partner and we will leverage their capabilities to deliver world-class operational execution to match what we hope will be a premier product and user experience in the Canadian marketplace. Mogo is an innovative non-bank organization, and they bring the breadth and depth of resources to meet our needs as we grow. “
CI Investment Services is a wholly owned subsidiary of CI Financial Corp. (TSX: CIX, NYSE: CIXX), an independent Canadian asset and global wealth management firm with total assets of approximately $ 320 billion (as of August 31, 2021). CI Investment Services is also a participant of the Toronto Stock Exchange (TSX), TSX Venture Exchange (TSX-V), Canadian Stock Exchange (CSE), Alpha, Pure, Chi-X, Omega and NEO.
The launch of the MogoTrade commission-free equity trading solution is subject to regulatory non-objection from the Investment Industry Regulatory Organization of Canada and the Autorité des marchés financiers du Québec.
Mogo offers its over 1.6 million members simple digital solutions to improve their finances. Through the free Mogo app, consumers can access a digital spending account with the Mogo Visa * Platinum prepaid card, the only card of its kind in Canada. The MogoCard makes it easy to control spending while doing good for the planet by planting a tree for each purchase. The Mogo app also allows you to easily buy and sell bitcoin, get free monthly credit score monitoring and identity fraud protection, and access personal loans. Mogo’s wholly owned subsidiary, Carta Worldwide, also offers a digital payment platform that powers next-generation card programs of innovative fintech companies in Europe, North America and Asia-Pacific, while Mogo’s wholly owned subsidiary, Moka, offers automated and fully managed apartments. -investment costs to Canadians from coast to coast. To learn more, visit mogo.ca or download the mobile app (iOS or Android).
This press release may contain “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the expected timing of the launch of Mogo’s free stock trading solution. Forward-looking statements are necessarily based on a number of estimates and assumptions which, although considered reasonable by management at the time of their 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 differ materially from the estimated future results, performance or achievements expressed or implied by such forward-looking statements and 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 beyond Mogo’s control, including obtaining regulatory approvals. required. For a description of the risks associated with Mogo’s business, please see the “Risk Factors” section of Mogo’s current annual information form, available at www.sedar.com and www.sec.gov. Except as required by law, Mogo disclaims any obligation to update or revise forward-looking statements, whether as a result of new information, events or otherwise.
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