VANCOUVER, British Columbia--(BUSINESS WIRE)--Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a digital payments and financial technology company, today announced the launch and phased rollout of MogoTrade, a stock trading app that sets a new bar for commission-free trading in Canada.
The MogoTrade app is now available for download through the App Store and on Google Play. Members get immediate access to free live-streaming stock prices and will be added to the waitlist for access to the commission-free trading feature, which is being released in a phased rollout through Q1 2022.
MogoTrade is a next-generation trading platform and user experience designed to empower Canadians to strive for financial freedom with confidence.
“How people invest is changing, and we couldn’t be more excited for Canadians to experience what we see as the future of investing,” said David Feller, CEO of Mogo. “We are very much in the early days of the transformation of investing and wealth management to a mobile-first digital experience. MogoTrade is the centerpiece of our digital wealth strategy. Our next-generation platform will begin with equities, and we expect to expand this over time to include other assets such as crypto and NFTs.”
Greg Feller, President, added: “This is the most significant new product in our history and a major growth milestone for Mogo. MogoTrade, which is only the second commission-free stock trading app in Canada, gives us access to a large and quickly growing market. Canadians have over $8 trillion in financial assets, including more than $3 trillion in equities, mutual funds and ETFs, and our goal is to give them the best digital tools to better manage and grow their wealth. We expect this will be an important driver of member growth and engagement as we move through 2022.”
Select Mogo members will be able to trade immediately, and the Company will regularly invite members to activate the commission-free trading feature. To get on the list to receive an invite to commission-free trading, Canadians should download the MogoTrade app on iOS or Android.
For more information, visit: https://blog.mogo.ca/announcing-mogotrade
MogoTrade is offered by Mogo’s wholly owned subsidiary, MogoTrade Inc.
This news release may contain "forward-looking statements" within the meaning of applicable securities legislation, including statements regarding the timing of the phased rollout of MogoTrade and the expansion of the offering to include other assets which will be subject to all necessary regulatory approvals. 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, including the receipt of any required regulatory approval. 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.
Mogo is empowering its close to 1.8 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 learn more, please visit mogo.ca or download the mobile app (iOS or Android).