Connect with us
Prague Gaming & TECH Summit 2024

Latest News

Mogo Announces First Monetization Since Recently Completed Acquisition of Difference Capital Investment Portfolio

Published

on

Reading Time: 1 minute

 

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

Published

on

Continue Reading

Blockchain

Alarum Announces Exciting Events Lineup and Welcomes Esteemed Advisor to NetNut’s Advisory Board

Published

on

alarum-announces-exciting-events-lineup-and-welcomes-esteemed-advisor-to-netnut’s-advisory-board
Continue Reading

Blockchain

RevoluGROUP Canada Inc. Announces White Label Partnership with MONECO France

Published

on

revolugroup-canada-inc.-announces-white-label-partnership-with-moneco-france
Continue Reading
Advertisement

Latest News

Recent Listings

  • Global Payout, Inc.

    Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of compreh...

  • MTrac Tech Corp.

    MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Glo...

  • Net1

    Net1 is a leading provider of transaction processing services, financial inclusion products ...

  • uBUCK Technologies SEZC

    Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digit...

  • LiteLink Technologies Inc.

      LiteLink is a major player in developing world-class enterprise platforms that utilize ar...

  • Good Gamer Corp.

      Good Gamer Corp. is a privately-held technology company focusing on gamers and streamers....

  • BitPay

      Founded in 2011, BitPay pioneered blockchain payment processing with the mission of trans...

  • About Net1

      Net1 is a leading provider of transaction processing services, financial inclusion produc...

  • Blockchain Foundry Inc.

    Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN)(FWB:8BF)(OTC:BLFDF) is a global b...

  • Sixgill

    Sixgill provides a full suite of universal data automation and authenticity products and services...

Trending on TBE