Mogo Reaches 300,000 Members as Strong New Account Growth Continues

VANCOUVER, Oct. 18, 2016 /CNW/ - Mogo Finance Technology Inc. ("Mogo") (TSX: GO) announced today that it has surpassed 300,000 Mogo members. The Company has seen accelerated member growth since the launch of its new digital account and mobile app, including an additional 50,000 new member accounts since announcing it reached 250,000 members last month.

"We are acquiring new members faster than we anticipated based on the combination of a successful mobile app launch and the significant marketing push through our Postmedia partnership," said Dave Feller, Founder and CEO of Mogo. "This member growth underscores the viral effect of our new app, the power of a great user experience, and the appeal of our value proposition which includes free credit score monitoring." 

"As Canadians continue to add Mogo to their financial wallets, we expect to further monetize our members as we introduce other innovative digital financial products, seamlessly integrated into the one MogoAccount. In particular, the largest growth has come from consumers with prime credit scores which aligns well with our product strategy and roadmap, including our upcoming mortgage product which we expect to launch before the end of the year, along with our new spending account."

About Mogo Finance Technology Inc.

Mogo (TSX: GO) - a Vancouver-based financial technology company - offers Canadians a more convenient and engaging digital banking experience with its free Mogo®Account. With an account sign-up in under three minutes, users get instant access to three innovative products: Canada's first free credit score available with free monthly updates, a free spending account with no monthly fee, and an instant pre-approval on a personal loan - all with no impact to their credit score. Mogo is quickly becoming the new face of banking as it grows its member base faster than any of the top six banks in Canada. To learn more about Mogo - referred to as the potential "Uber of finance" by CNBC, Toronto Star, and others - visit mogo.ca, or download the mobile app, available now on the Apple Store.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding Mogo's intention to expand into other products and markets and Mogo's expectations regarding members. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. 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 invest in its platform and expand into new products and markets and its expectations for its financial performance for 2016 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 its Annual Information Form dated March 30, 2016, which is available at www.sedar.com. 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.

SOURCE Mogo Finance Technology Inc.

Craig Armitage, Investor Relations, [email protected], [phone]; Alex Langer, Capital Markets, [email protected], [phone]