Mogo Portfolio Company WonderFi Provides Corporate Update
08 Janvier 2024 - 4:04PM
Business Wire
With over 1.6 million users and $1 billion in
client AUC, WonderFi is one of the largest crypto exchange
platforms in Canada
Mogo holds ~87 million shares in TSX listed
WonderFi
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”),
one of Canada’s leading financial technology companies, today
announced that its portfolio company, WonderFi Technologies Inc.
(“WonderFi”) (TSX: WNDR), provided a corporate update and Q4 2023
guidance. With 1.6 million users and $1 billion in client AUC,
WonderFi is one of the largest crypto exchange platforms in Canada.
Mogo is WonderFi’s largest shareholder holding ~87 million common
shares (~13% ownership interest).
WonderFi owns and operates leading digital asset businesses in
Canada. WonderFi is the holding company for two of the largest
crypto trading platforms in Canada, Bitbuy and Coinsquare (the only
fully regulated crypto exchange in Canada), and SmartPay, a crypto
payments processing platform.
Among the Q4 2023 corporate highlights reported by WonderFi:
- As of December 31, 2023, combined client assets under custody
for Bitbuy and Coinsquare exceed $1 billion.
- Bitbuy and Coinsquare facilitated $760 million in combined
trading volumes during the quarter.
- SmartPay processed over $180 million in crypto payment volumes
during the quarter.
- WonderFi achieved cash-flow positive operations on a
consolidated basis during the quarter.
“We commend the WonderFi team on solid execution following the
merger in July 2023,” said Greg Feller, President & CFO of Mogo
Inc. “As the owner of Canada’s only fully regulated crypto
exchange, along with its strong balance sheet and meaningful scale,
we believe WonderFi is well positioned to benefit from long-term
growth trends in the industry and to build value for shareholders
over time. With an improving environment for digital assets, we
believe Mogo’s 13% ownership in Wonderfi provides our shareholders
with a unique and meaningful participation in this emerging global
asset class.”
About Mogo
Mogo Inc. (NASDAQ:MOGO; TSX:MOGO) is a financial technology
company headquartered in Vancouver, Canada. With more than 2
million members, $9.9B in annual payments volume and a ~13% equity
stake in Canada’s leading Crypto Exchange WonderFi (TSX:WNDR), Mogo
offers simple digital solutions to help its members dramatically
improve their path to wealth-creation and financial freedom.
Mogotrade offers commission-free stock trading that helps users
thoughtfully invest based on a Warren Buffett approach to long-term
investing – and make a positive impact with every investment. Moka
offers Canadians a real alternative to mutual funds that overcharge
and underperform with a passive investing solution based on a
S&P 500 strategy at a fraction of the cost. Through its wholly
owned digital payments subsidiary, Carta Worldwide, Mogo also
offers a low-cost payments platform that powers next-generation
card programs for companies across Europe and Canada. The Company,
which was founded in 2003, has approximately 200 employees across
its offices in Vancouver, Toronto, London & Casablanca.
About WonderFi
WonderFi owns and operates leading digital asset businesses in
Canada. WonderFi is the holding company for Bitbuy and Coinsquare,
two of Canada's largest regulated crypto trading platforms and
SmartPay, a crypto payments processing platform.
With a collective user base of over 1.6 Million registered
Canadians and a combined assets under custody exceeding $1 Billion,
WonderFi serves one of the largest crypto investor communities in
Canada.
For more information, visit www.wonder.fi.
Forward-Looking Statements
This news release may contain “forward-looking statements”
within the meaning of applicable securities legislation, including
statements regarding future growth of WonderFi. 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 are
typically identified by words such as "may", "will", "could",
"would", "anticipate", "believe", "expect", "intend", "potential",
"estimate", "budget", "scheduled", "plans", "planned", "forecasts",
"goals" and similar expressions. 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.sedarplus.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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240108480155/en/
For further information: Craig Armitage Investor
Relations investors@mogo.ca (416) 347-8954
US Investor Relations Contact Lytham Partners, LLC Ben Shamsian
New York | Phoenix shamsian@lythampartners.com (646) 829-9701
Mogo (NASDAQ:MOGO)
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