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Mogo Announces Q3 2017 Financial Results Highlighted by 61% Growth in Other Product Revenue and Fees
Mogo Announces Q3 2017 Financial Results Highlighted by 61% Growth in Other Product Revenu...
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[{"type":"text","content":"\n\n\n\nMogo Announces Q3 2017 Financial Results Highlighted by 61% Growth in Other Product Revenue and Fees\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\n\nCanada NewsWire\nVANCOUVER, Nov. 8, 2017\n\n\n\nCompany targeting launch of new cryptocurrency account in Q1 2018 Other product revenue and fees now represent 30% of total revenue Record gross profit margin of 68%, up from 60% last year Adjusted EBITDA increased 96% year over year to $1.0 million\n\n\n\nVANCOUVER, Nov. 8, 2017 /CNW/ - Mogo Finance Technology Inc. (TSX:MOGO)(OTCQX: MOGOF), one of Canada's leading financial technology companies, today announced its financial and operational results for the third quarter ended September 30, 2017. \n\n\"The third quarter represented an important inflection point for Mogo as we delivered more than 60% growth in other product revenue and fees, which highlights the power of Mogo's digital platform,\" said David Feller, Mogo's Founder and CEO. \"As banking continues to undergo a digital transformation, in our view the next generation of consumers will want and expect multiple products in one seamless mobile account. We've invested more than $150 million building what we believe is the leading mobile-first digital banking experience in Canada – supported by a member base of more than 500,000, a brand that is increasingly recognized and trusted, and a 250-person FinTech team. Now we are ideally positioned to further monetize this platform by launching new products that add value to our members while creating additional revenue streams for Mogo. We have several new products on our near-term roadmap, including MogoProtect, an identify fraud protection product, along with the recently announced crypto account, which will give Canadians a simple and trusted way to buy and sell Bitcoin within their MogoAccount. It's clear that Bitcoin is going mainstream and increasingly viewed as the new digital gold.  This will be the first of multiple products based around Bitcoin and blockchain technology.\"\n\n\"We delivered ac...