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Mogo Announces Second Quarter 2019 Financial Results
Mogo Announces Second Quarter 2019 Financial Results Canada NewsWire VANCOUVER, ...
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[{"type":"text","content":"\n\n\n\nMogo Announces Second Quarter 2019 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\n\nCanada NewsWire\nVANCOUVER, Aug. 14, 2019\n\n\n\nCore Revenue up 41% year over year to $16.4 millionNet income in the quarter of $7.5 million, compared with a net loss of $6.1 million in the second quarter of 2018 Ended the quarter with $42 million of cash & investment portfolio\nMogo reports in Canadian dollars and in accordance with IFRS\n VANCOUVER, Aug. 14, 2019 /CNW/ - Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (\"Mogo\" or the \"Company\"), a leading finance app, today announced its financial and operational results for the three and six months ended June 30, 2019.\n\"Q2 was another solid quarter of execution, highlighted by a strengthening of our financial fundamentals, including 42% growth in our high-margin Subscription & Services segment, enhancements to our platform, and new features that helped drive improved results,\" said David Feller, Mogo's Founder and CEO. \"Another significant strategic milestone is the development of our new partner lending capabilities. Our lending platform is now able to offer third party lenders the ability to integrate and offer loans through our platform. This new partner lending capability will enable us to not only expand our offering but scale loans to our members without the capital constraints of on-balance sheet lending.\"\n\"Consumer lending remains one of the highest revenue and margin opportunities for fintechs globally,\" said Greg Feller, President and CFO.  \"Our new partner lending platform enables us to begin monetizing our best-in-class digital lending platform with a recurring fee-based model with no capital requirements or credit risk and will accelerate Mogo's transition to a more capital-light business model.  We expect to announce our first partner on this platform in the near-term with additional partners to come. We also move forward with significant additional financial resources following the completion of the Difference Capi...