Mogo adds to its strategic investment portfolio with minority investment in Gemini



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Winklevoss-led company raises $ 400 million to help create decentralized metaverse

Mogo’s approximately $ 150 million portfolio includes strategic investments in crypto platforms, digital assets and games

VANCOUVER, British Columbia – Mogo Inc. (NASDAQ: MOGO) (TSX: MOGO) (“Mogo” or the “Company”), a digital payments and financial technology company, today announced a new minority investment in the recently completed Gemini company of US $ 400 million financing, which was led by Morgan Creek Digital. Gemini, founded by brothers Tyler and Cameron Winklevoss, is one of the leading cryptocurrency exchanges in the US market.

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The investment in Gemini adds to Mogo’s growing portfolio of strategic investments focused on the expanding ecosystem in which Mogo operates, including crypto, gaming and the emerging metaverse. At the end of the last quarter, the company’s digital assets and investments (including Mogo’s book value of its Coinsquare investments) totaled around $ 150 million. 1 . The portfolio includes investments in:

  • Coinsquare, one of the leading crypto platforms in Canada (owned by Mogo
    about 39%.
  • Tetra Trust, the first qualified custodian in Canada for cryptocurrency assets.
  • Enthusiast Gaming (NASDAQ: EGLX; TSX: EGLX), a fast-growing multimedia platform for video game and esports fans to connect and engage around the world.
  • Eleven Gaming, a professional esports organization based in Toronto.
  • Tiidal Gaming (CSE: TIDL), a professional esports, betting and entertainment organization.
  • The portfolio also includes investments in Bitcoin and Ethereum.

“Over the past year or more, we have migrated our portfolio of legacy investment investments to companies in our larger ecosystem that have significant potential for self-sustaining growth and, equally important, bring strategic value to Mogo. and deepen our expertise in areas that are increasingly relevant to us for a next-generation fintech platform and digital wallet, ”said Greg Feller, President and CFO of Mogo.

1 Includes the fair value of warrants to acquire up to an additional 10% of Coinsquare shares issued and outstanding.

Forward-looking statements

This press release may contain “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the growth potential of the Mogo portfolio companies. Forward-looking statements are necessarily based on a number of estimates and assumptions which, although considered reasonable by management at the time of their preparation, are inherently subject to significant business, economic and competitive uncertainties and contingencies, and may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to differ materially from the estimated future results, performance or achievements expressed or implied by such forward-looking statements and Forward-looking statements are not guarantees of future performance. Mogo’s growth, its ability to expand into new products and markets, and its expectations for its future financial performance are subject to a number of conditions, many of which are beyond Mogo’s control, including obtaining any approval. regulatory requirement. For a description of the risks associated with Mogo’s business, please see the “Risk Factors” section of Mogo’s current annual information form, which is available at www.sedar.com and www.sec.gov. Except as required by law, Mogo disclaims any obligation to update or revise forward-looking statements, whether as a result of new information, events or otherwise.

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About Mogo

Mogo offers its nearly 1.8 million members simple digital solutions to improve their finances. Through the free Mogo app, consumers can access a digital spending account with the Mogo Visa * Platinum prepaid card, the only card of its kind in Canada. The MogoCard makes it easy to control spending while doing good for the planet by planting a tree for each purchase. The Mogo app also allows you to easily buy and sell bitcoin, get free monthly credit score monitoring and identity fraud protection, and access personal loans. Mogo’s wholly owned subsidiary, Carta Worldwide, also offers a digital payments platform that powers next-generation card programs from innovative fintech companies in Europe, North America and APAC, while Mogo’s wholly owned subsidiary, Moka, offers automated and fully managed apartments. -investment costs to Canadians from coast to coast. To find out more, visit mogo.ca or download the mobile app (iOS or Android).

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211123005935/en/

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Contacts

Craig armitage
Investor Relations
[email protected]
(416) 347-8954

Contact for U.S. Investor Relations
Lytham Partners, LLC
Ben shamsian
New York | Phoenix
646-829-9701
[email protected]

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