Mogo Finance Technology ( (MOGO) ) has released its Q4 earnings. Here is a breakdown of the information Mogo Finance Technology presented to its investors.
Mogo Inc. is a financial technology company that provides innovative solutions in wealth management, lending, and payments, with a focus on the Canadian market and a unique integration of subprime lending and wealth-building services. In its latest earnings report for Q4 and FY 2024, Mogo reported a net income of $10.4 million for the fourth quarter and a total revenue increase of 5% for the fiscal year, reaching $71.2 million. The company highlighted significant growth in its wealth and payments revenue, which increased by 19% and 27% respectively in Q4, and ended the year with $49.1 million in cash, marketable securities, and investments. Mogo’s strategic focus on its wealth and payments businesses is evident as it reported a 22% increase in assets under management and a 16% rise in payment volume processed by its subsidiary, Carta Worldwide. The company also introduced enhancements to its wealth offerings, including the launch of a new Intelligent Investing brand and the integration of AI technology to improve customer support. Looking ahead, Mogo plans to intensify investments in its high-margin wealth and payments segments, anticipating revenue growth of 20-25% in wealth and mid-to-high teens in payments for 2025, while strategically exiting its low-margin institutional brokerage business to focus on long-term shareholder value.