Mogo Reports 135% Increase in Bitcoin Transaction Volume in November

·5 min read

Increased awareness and credibility of bitcoin drives strong growth in total transaction volume and new bitcoin accounts

All figures in Canadian $

Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) ("Mogo" or the "Company"), a financial technology company focused on empowering consumers with innovative digital financial solutions through its mobile app, today reported a 135% month-over-month increase in the dollar value of bitcoin traded on the Mogo platform from October 2020 to November 2020. This follows on the Company’s previous announcement that Mogo bitcoin accounts increased 237% year over year in Q3 2020.

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MogoCrypto, launched in 2018, is the easiest way to buy and sell bitcoin in Canada. (Photo: Business Wire)

"The strong performance of bitcoin and its growing credibility as an asset class have fuelled rapid growth in transaction volume and new bitcoin accounts on the Mogo platform," said David Feller, Mogo’s Founder and CEO. "Although bitcoin has now been around for just over 10 years, it’s still early days for this new asset class as most Canadians have yet to own it. The introduction of bitcoin trading by leading digital players in the U.S., combined with the overall rise of digital currencies, has significantly increased the interest in bitcoin among Canadian consumers."

Greg Feller, President and CFO of Mogo, added: "As one of the pioneers in Canada and the only well-established publicly traded Canadian company offering a simple and low-cost way to buy and sell bitcoin, we are in a unique position to meet this rising demand through our award winning app that offers a number of innovative products to help Canadians manage their financial lives."

MogoCrypto1, launched in 2018, is the easiest way to buy and sell bitcoin in Canada. It enables members to buy and sell bitcoin at real-time prices instantly through the Mogo app, 24/7 from their mobile device, bringing a new level of convenience and accessibility to bitcoin ownership for all Canadians. Users can sign up for free and in three minutes open an account, have the account funded in as little as 30 minutes with no funding fee, and begin buying and selling bitcoin. As part of the Company’s current promotion, new Mogo members get $5 just for opening their account. MogoCrypto is available through the free Mogo app, on iOS or Android or at mogo.ca. Mogo was recently named "Best Cryptocurrency App" by savvynewcanadians.com and featured by Apple as "one of the apps we love".

1To be eligible for MogoCrypto, members must first pass Mogo’s identity and security verification process and agree to the MogoCrypto Terms and Conditions. For more information, see MogoCrypto Terms and Conditions: https://www.mogo.ca/pdfs/MogoCryptoTermsAndConditions.pdf

Forward-Looking Statements

This news release may contain "forward-looking statements" within the meaning of applicable securities legislation, including statements regarding the growth of Mogo’s revenue as a result of increased bitcoin transaction volume. 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. 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.

About Mogo

Mogo — a financial technology company — offers a finance app that empowers consumers with simple solutions to help them get in control of their financial health and be more mindful of the impact they have on society and the planet. Users can sign up for a free account in only three minutes, begin to learn the 4 habits of financial health and get convenient access to products that can help them achieve their financial goals and have a positive impact on the planet including a digital spending account with Mogo Visa* Platinum Prepaid Card featuring automatic carbon offsetting, free monthly credit score monitoring, ID fraud protection and personal loans. Members can also easily buy and sell bitcoin 24/7 through the Mogo app, as well as participate in Mogo’s new bitcoin rewards program. The Mogo platform has been purpose-built to deliver a best-in-class digital experience, with best-in-class products, all through one account. With more than one million members and a marketing partnership with Canada's largest news media company, Mogo continues to execute on its vision to gamify financial health and become the go-to financial app for the next generation of Canadians. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).

View source version on businesswire.com: https://www.businesswire.com/news/home/20201201005680/en/

Contacts

Craig Armitage
Investor Relations
craiga@mogo.ca
(416) 347-8954