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Mogo Inc
Symbol MOGO
Shares Issued 70,541,771
Close 2021-11-22 C$ 6.41
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Mogo invests in Gemini, talks up investment portfolio

2021-11-23 10:59 ET - News Release

Mr. Greg Feller reports


Mogo Inc. has made a new minority investment in Gemini's recently completed $400-million (U.S.) financing, which was led by Morgan Creek Digital. Gemini, founded by brothers Tyler and Cameron Winklevoss, is one of the leading cryptocurrency exchanges in the U.S. market.

The investment in Gemini adds to Mogo's growing portfolio of strategic investments focused on the expanding ecosystem that Mogo is operating in, including crypto, gaming and the emerging metaverse. At the last quarter-end, the company's digital assets and investments (including Mogo's book value of its investments in Coinsquare) totalled approximately $150-million. The portfolio includes investments in:

  • Coinsquare, one of Canada's leading crypto platforms (of which Mogo owns approximately 39 per cent);
  • Tetra Trust, Canada's first qualified custodian for cryptocurrency assets;
  • Enthusiast Gaming, a fast-growing media platform for video game and e-sports fans to connect and engage worldwide;
  • Eleven Gaming, a Toronto-based professional e-sports organization;
  • Tiidal Gaming, a professional e-sports, betting and entertainment organization;
  • The portfolio also includes investments in bitcoin and ethereum.

"Over the past year or more, we have been migrating our investment portfolio from legacy investments into businesses within our broader ecosystem that have significant stand-alone growth potential and, equally important, bring strategic value to Mogo and deepen our expertise in areas that we believe are increasingly relevant for a next-gen fintech platform and digital wallet," said Greg Feller, president and chief financial officer of Mogo.

About Mogo Inc.

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 (Asia Pacific), while Mogo's wholly owned subsidiary Moka is bringing automated, fully managed flat-fee investing to Canadians from coast to coast.

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