Mogo Inc. (NASDAQ: MOGO) stock gains by 2.08% in the current market trading session. Mogo’s over one million members have access to simple digital solutions that allow them to do money the right way. Consumers can use a digital spending account with the Mogo Visa* Platinum Prepaid Card which is the only card of its kind in Canada, through the free Mogo app. The MogoCard makes it simple to keep track of your spending while also helping the environment by planting a tree for every buy.
MOGO stock’ Significant Development
Following approval of the transaction by the Investment Industry Regulatory Organization of Canada and other regulatory approvals, Mogo stated that it has completed the previously announced acquisition of Fortification Capital Inc., a Canadian registered investment dealer. MogoTrade Inc. will replace Fortification as the company’s name.
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Fortification is a part of IIROC and a registered investment dealer in Canada. Mogo gains the required licenses, registration, and technology including an order management system and market data processing in order to expedite the growth of MogoTrade, the Company’s commission-free stock trading solution, among other things.
David Feller, Mogo’s Founder and CEO stated,
The purchase of Fortification is a significant step forward in the development of their new commission-free stock trading platform, as it adds critical regulatory and technological components to their current skills.
Greg Feller, President of Mogo Stock, further added,
They’re still in the early stages of transitioning wealth management in Canada to a modern mobile and digital-first experience, and they’re laser-focused on developing the best next-generation digital platform. Its mission is to provide Canadians with the best digital tools to better manage and develop their wealth, which includes more than $8 trillion in financial assets, along with more than $3 trillion in equities, mutual funds, and ETFs.