Latest News
Mogo Announces First Monetization Since Recently Completed Acquisition of Difference Capital Investment Portfolio
Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo” or the “Company”), a financial health app, today announced the sale of its 5.25% interest in Wekerloo Developments Inc. (“Wekerloo”) for book value of $2.1 million to an arms’ length buyer. Wekerloo is a private commercial real estate holding company with properties in Waterloo, Ontario and was one of the investments in the $24 million1 investment portfolio the Company acquired through the recently completed business combination with Difference Capital Financial Inc (“Difference”). The sale also included the assignment of a 2-year option to purchase an additional 5% interest in Wekerloo.
“We are pleased to complete the sale of this investment for an appropriate value and quickly after the completion of the transaction with Difference,” said Greg Feller, President & CFO of Mogo Inc. “This transaction is consistent with our objective to actively monetize the Difference investment portfolio, which will provide additional financial resources to continue executing our growth strategy and extending our leadership in the Canadian fintech space.”
Mogo is challenging legacy financial institutions, using technology to transform the user experience and introduce better products that help consumers improve their financial health. The transaction with Difference significantly strengthened Mogo’s financial position, bringing in more than $30 million in cash and monetizable assets to support the Company’s growth and continued investment in its platform, products and overall user experience.
In Difference’s Q1 2019 financial statements (for the period ended March 31, 2019), the Wekerloo investment was valued at $2.1 million. Michael Wekerle, a director of the Company, has a 94.75% interest in Wekerloo.
SOURCE Mogo Inc.
Blockchain
Revolutionizing Fintech: 6G Digital & Rune Nilsson’s FlexM Global in a Bold $12.5M Deal Shaking the Banking Industry
Blockchain
Alarum Announces Exciting Events Lineup and Welcomes Esteemed Advisor to NetNut’s Advisory Board
Blockchain
RevoluGROUP Canada Inc. Announces White Label Partnership with MONECO France
-
Blockchain Press Releases7 days ago
Bitcoin Halving Frenzy: Join Bybit’s Miner’s Point Plaza for a Shot at $1 Million and Witness History!
-
Blockchain6 days ago
New to The Street Announces Episode 564, Five Corporate Interviews, Airing on The Fox Business Network, Monday, March 25, 2024, at 10:30 PM PT
-
Blockchain6 days ago
Moondance Labs Announces $6 Million Funding to Boost Development of Tanssi Protocol
-
Blockchain Press Releases7 days ago
Bitget Unveils Proof of Reserves (POR) in March 2024: BTC & ETH Assets Surge by 20%
-
Blockchain Press Releases4 days ago
Bitget Wallet Partners with Over 40 Projects Including Avalanche, Taiko to Launch the BWB Ecosystem Partner Program
-
Blockchain Press Releases2 days ago
KuCoin’s Head of Key Account Discusses the Fusion of Decentralized Finance and Traditional Banking at WOW Summit 2024
-
Blockchain Press Releases4 days ago
Trade Volatility Smartly: Bybit Introduces Smart Leverage, Offering Users Unprecedented Control with No Liquidation
-
Blockchain Press Releases7 days ago
Fostering Trust in Crypto: Bybit CEO Advocates Integrity & Collaboration at DACOM Singapore