MOGO - Mogo forays into Canada wealth management industry through Moka Financial acquisition

Mogo (MOGO) entered into a binding letter of intent to acquire 100% of Canada-based saving and investments app, Moka Financial Technologies in an all-stock transaction (exchange for 5M shares of Mogo and assumption of net debt of ~$3M).With the acquisition, Mogo's member base will increase by over 40% to 1.7M+ and will accelerate the company's plan to launch a free stock trading solution for Canadians strengthening its position as the most comprehensive digital wallet in Canada.Both the companies expect to complete a definitive agreement and close the transaction in 2Q21."The highly strategic acquisition will ... accelerate the growth of our subscription & transaction-based revenue and increase Mogo’s total addressable market into the $4T+ wealth management business along with expansion into Quebec. Following the Moka acquisition, we expect to further expand the MogoWealth product offering in 2021, including introducing a free stock trading solution to Mogo members," president & CFO Greg Feller commented.Currently, Moka has

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Mogo forays into Canada wealth management industry through Moka Financial acquisition