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Mogo Announces Fourth Quarter & Full-Year 2016 Financial Results
Mogo Announces Fourth Quarter & Full-Year 2016 Financial Results Mogo Announce...
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[{"type":"text","content":"\n\n\n\nMogo Announces Fourth Quarter & Full-Year 2016 Financial Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nMogo Announces Fourth Quarter & Full-Year 2016 Financial Results\nCanada NewsWire\nVANCOUVER, March 7, 2017\n\n\n\nMember base grows 87% Year on Year Full-Year Revenue increases 15% with Loan Interest & Other Revenue up 82%Fourth-Quarter Adjusted EBITDA increases over 100% from the third-quarter to $1.1 million\n\n\n\nVANCOUVER, March 7, 2017 /CNW/ - Mogo Finance Technology Inc. (TSX: MOGO)(OTCQX: MOGOF), one of Canada's leading financial technology companies, and a provider of innovative financial products to consumers, today announced its financial and operational results for the fourth quarter and full year ended December 31, 2016. \n\n\"2016 was a milestone year for Mogo with the introduction of our new account platform and iOS app along with the expansion of our product suite to include free monthly credit score monitoring, mortgages and a digital spending account,\" said David Feller, Mogo's Founder and CEO. \"We are entering 2017 with a leading digital banking platform and four products, giving us more ways to help consumers get in control of their financial health. We're particularly excited about our new digital MogoMortgage experience as it's an innovative and differentiated solution in the marketplace and a great example of the power of our platform.\" \n\n\"2016 was also a major milestone year for our financial performance as we were able to achieve positive adjusted EBITDA for the full year while making significant investments in our platform and new products.  In addition, we were also able to significantly grow our member base from 186,000 at the end of 2015 to over 348,000 at the end of 2016, while dramatically lowering our cost of member acquisition to under $25 from over $100 at the beginning of the year,\" said Greg Feller, Mogo's President & CFO. \"We delivered these results while also successfully transitioning the mix of our loan portfolio to long-term loan products a...