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• A Canadian Chime or SoFi.
• Like Credit Karma, but with digital banking and investing features.

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• MogoMoney (Personal Loans): Provides unsecured personal loans to consumers. (Service: Financial Lending)
• MogoCard (Spending Account & Prepaid Visa): Offers a digital spending account with a prepaid Visa card, including features like real-time credit score tracking and carbon offsetting. (Service: Digital Banking / Payment Solution)
• MogoTrade (Commission-Free Stock Trading): A mobile-first platform enabling commission-free trading of stocks, ETFs, and Bitcoin in Canada. (Service: Investment / Brokerage)

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Mogo (MOGO) operates a hybrid business model, serving both individual consumers directly through its Mogo app and other businesses through its subsidiary, Carta Worldwide.

While Carta Worldwide provides a significant B2B payment processing platform to other companies (often FinTechs, challenger banks, and digital wallet providers, many of whom are not publicly disclosed), Mogo's direct brand and flagship app primarily target individual consumers. Therefore, we will describe the categories of individual customers Mogo serves:

1. Environmentally Conscious Consumers: This category includes individuals who are motivated by sustainability and environmental impact. Mogo appeals to them through features like planting trees for spending with their MogoCard, carbon offsetting tools, and the promotion of "green" financial choices. They are looking for ways to align their financial activities with their eco-friendly values.
2. Digitally-Savvy Spenders and Budgeters: These are individuals who prefer to manage their daily finances, spending, and budgeting through mobile applications. They seek convenient, user-friendly digital tools for managing a prepaid Visa card, tracking spending, and potentially accessing credit. They value transparency and control over their money in a mobile-first environment.
3. New-Age Investors and Self-Directed Traders: Through its MogoTrade platform, Mogo targets individuals interested in commission-free stock trading. This group includes both novice and experienced investors who prefer a mobile-first platform to buy and sell stocks, manage their portfolios, and participate in the stock market without incurring high trading fees.

Regarding its B2B operations through Carta Worldwide, Carta provides payment processing and card issuing infrastructure for various companies globally. While specific major customers are generally not publicly disclosed due to confidentiality agreements common in the B2B payments space, they typically include FinTechs, neobanks, and other enterprises looking to launch their own branded card programs.

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• Visa Inc. (V)
• Peoples Trust Company
• Equifax Inc. (EFX)

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David Feller, Chief Executive Officer

David Feller founded Mogo in 2003 and currently serves as the Company's Chief Executive Officer and Chair of its Board. He is also a co-founder and partner of Bluestone.vc, a notable entity in the Canadian online consumer finance industry. With over 20 years of entrepreneurial and business experience, Mr. Feller has guided Mogo through various equity and debt financings, an initial public offering (IPO) on the TSX, and subsequent public offerings.

Gregory Feller, President, Chief Financial Officer and Director

Gregory Feller co-founded Mogo in 2003 and has served as the Company's Chief Financial Officer since August 2011, and President since April 2015. Prior to his time at Mogo, Mr. Feller spent 16 years as an investment banker on Wall Street. His career includes roles as a Managing Director and Co-Head of the Technology Investment Banking Group at Citadel Securities (2010-2011), a Managing Director at UBS Investment Bank (2008-2010), a Managing Director at Lehman Brothers (2001-2008), and a Vice President at Goldman Sachs & Co. (1998-2000). He headed Lehman Brothers' European Communications Technology Group from 2001-2004 and their Global Communications Technology Group from 2004-2008.

Justin Carter, Chief Operating Officer

Justin Carter serves as the Chief Operating Officer of Mogo Inc.

Eric Miles, CTO

Eric Miles is the Chief Technology Officer (CTO) at Mogo.

Alice Davidson, Chief Legal Officer

Alice Davidson is the Chief Legal Officer at Mogo.

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1. Regulatory and Compliance Risk: Mogo's ability to grow and expand into new products and markets is significantly dependent on receiving applicable regulatory approvals, many of which are outside of the company's direct control. The fintech industry is subject to stringent regulations, and changes in these regulations or a failure to obtain necessary approvals could materially impact Mogo's operations, particularly for new initiatives such as crypto trading. For instance, provincial regulations in Canada can limit the availability of certain products, like loans in Quebec. The company has also faced challenges with outdated methods in meeting regulatory requirements for screening Politically Exposed Persons (PEPs), highlighting ongoing compliance hurdles.
2. Financial Performance and Profitability Risk: While Mogo has reported revenue growth in some areas, its profitability remains a concern. The company has experienced negative loss margins, including EBIT and net income from continuous operations, indicating a struggle to consistently translate operating activities into positive outcomes. Although there have been instances of positive net income in specific quarters due to gains on marketable securities and improved Adjusted EBITDA, other periods have shown Adjusted Net Losses and overall Net Losses. Additionally, earnings are forecast to decline significantly over the next three years, and the company's debt is not well covered by its operating cash flow. The company's stock price has also experienced volatility and decline, which management has noted as being "disconnected from our business fundamentals".
3. Market Volatility and Competition in Fintech/Crypto: Mogo operates within a highly competitive fintech environment. The company's strategic push into the cryptocurrency space, while an opportunity, exposes it to the inherently volatile nature of crypto markets, which could significantly influence its near to midterm valuation. Significant market shifts and competitive acquisitions can also affect investor confidence and the company's performance.

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The rapid expansion and increasing market penetration of rival Canadian fintech companies, specifically Neo Financial and KOHO, pose a clear emerging threat to Mogo. These companies offer similar digital spending accounts, prepaid cards, and other financial services, often with aggressive marketing, strong partnerships, and compelling user experiences. Their significant funding rounds and sustained growth allow them to directly compete for Mogo's target demographic, potentially limiting Mogo's user acquisition and growth in its core digital banking services.

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Mogo (MOGO) operates primarily in the Canadian market, offering a suite of digital financial products and services. The addressable markets for its main offerings are as follows:

Digital Banking Solutions (MogoCard, MogoSpend)

• The Canada fintech market, which encompasses digital banking solutions, was valued at approximately USD 4.38 billion in 2024. It is projected to reach USD 18.84 billion by 2033, growing at a compound annual growth rate (CAGR) of 15.72% from 2025 to 2033.

• Digital payments dominate in Canada, with 86% of total payment volume in 2023. The overall transaction volume increased by 6%, and prepaid cards were the fastest-growing payment option, seeing a 10% rise in transaction value.

Credit Solutions (MogoProtect, Free Credit Score Monitoring, Personal Loans)

• The Canadian personal loans market is projected to grow from USD 30.5 billion in 2024 to USD 45.2 billion by 2035, at a CAGR of 3.64% from 2025 to 2035. Another source indicates the Canadian personal loan market is expected to exceed USD 9.72 billion by 2030.

• The total consumer credit debt in Canada reached a record USD 2.5 trillion in Q1 2025, with total outstanding balances across all credit products growing by 4.7% year-over-year.

• The average FICO Score in Canada was 762 as of April 2023. Over 85% of Canadians have a FICO Score between 750-900, considered "good" to excellent.

Cryptocurrency and Investment Services (MogoCrypto, MogoTrade, MogoWealth)

• The cryptocurrency market in Canada is expected to reach a projected revenue of US$ 617.5 million by 2030, with a CAGR of 18.6% from 2025 to 2030. The Canadian cryptocurrency market revenue is forecast to reach $1.7 billion in 2024 and is projected to grow to $2.4 billion by 2028.

• The Canada crypto asset management market is estimated at USD 101.3 million in 2024 and is projected to reach USD 1003.0 million by 2035, with a CAGR of 23.17% from 2025 to 2035.

• The Canadian wealth management market, encompassing funds under management, is estimated at about $6.5 trillion (CAD) currently and is expected to grow to approximately $10 trillion (CAD) by 2030. Assets under management (AUM) by Canada's wealth management firms are projected to be US$1.95 trillion by the end of 2024, reaching US$1.986 trillion by 2028.

• The Canada wealth management software market generated a revenue of USD 172.5 million in 2024 and is expected to reach USD 391.9 million by 2030, with a CAGR of 14.7% from 2025 to 2030.

• The Canada Wealth Management Platform market is projected to grow from USD 1.06 billion in 2024 to USD 2.25 billion by 2035.

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Expected Drivers of Future Revenue Growth for Mogo (MOGO)

• Expansion and Adoption of the Intelligent Investing Platform: Mogo's strategic focus on its next-generation Intelligent Investing platform, which unifies MogoTrade and Moka, is expected to drive significant wealth revenue growth. This platform combines managed and self-directed investing with a behavioral operating system designed to improve investor outcomes. The rollout commenced in Q3 2025 and is slated to continue into Q1 2026, aiming to capitalize on untapped opportunities in wealth creation. In Q3 2025, wealth revenue already saw a 27% year-over-year increase, driven by greater adoption of managed portfolios and record assets under management (AUM) of $498 million, up 22% year-over-year.
• Growth in Payments Business and International Expansion: Mogo's payments revenue is a key growth pillar, having increased by 11% year-over-year in Q3 2025. The company has strategically shifted its focus from Canadian payments operations to concentrate primarily on the European market, where its payments subsidiary, Carta, completed a transition to Oracle Cloud Infrastructure (OCI) to better scale its operations. This international expansion has already resulted in a 12% year-over-year increase in payments volume (excluding Canada) to $2.8 billion in Q3 2025, positioning the business for profitable expansion into 2026.
• Increasing Bitcoin Holdings and Treasury Strategy: Mogo's strategic allocation to Bitcoin as a long-term reserve asset and capital benchmark is an anticipated driver. In July 2025, the company's board authorized up to $50 million in Bitcoin allocations. Subsequently, Mogo increased its Bitcoin holdings by over 300% quarter-over-quarter in Q3 2025, reaching $4.7 million. This commitment to cryptocurrency as a core component of its financial strategy is expected to contribute to future wealth-related revenue or enhance overall balance sheet strength, supporting other growth initiatives.
• Overall Membership Growth: The consistent growth in Mogo's total membership base provides a foundation for future revenue. In Q3 2025, the company reported a 6% year-over-year increase in members, reaching 2.29 million. While not a direct revenue driver, an expanding user base creates a larger pool of potential customers for Mogo's wealth and payments products, facilitating cross-selling opportunities and deeper engagement that can lead to increased revenue over time.

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Share Repurchases

• Mogo repurchased 523,091 common shares at an average price of approximately US$1.44 per share during Q2 2025, representing about 2% of its outstanding shares.
• As of July 1, 2025, Mogo had approximately US$7 million in remaining repurchase capacity under its NASDAQ buyback program, which could allow for the repurchase of roughly 13% of its outstanding common shares.
• In 2023, the company repurchased and cancelled 474,353 common shares at an average price of $2.36 per share.

Share Issuance

• In June 2020, Mogo agreed to issue 426,944 common shares at a deemed price of $1.2566 per share to settle certain fees and indebtedness, including $250,000 success fees each to Raymond James Ltd. and Eight Capital.
• Mogo made an application to extend the expiry date of certain common share purchase warrants, which were originally issued through a US$27.5 million offering in December 2021.

Outbound Investments

• In July 2025, Mogo's board authorized the allocation of up to $50 million into Bitcoin as part of its long-term capital preservation and product innovation strategy, to be funded through excess cash and monetization of investments.
• Mogo acquired a 9% stake in Digital Commodities Capital Corp. for $1.0 million in July 2025, aligning with its strategy to expand exposure to digital and hard assets.
• In August 2025, Mogo monetized approximately $13.8 million of its investment in WonderFi, representing just under 50% of its total holdings in the company.

Capital Expenditures

• A major technology investment in Carta Worldwide, Mogo's payments segment, is expected to be completed by Q1 2025.
• Mogo plans to intensify investments in its Wealth and Payments businesses, focusing on technology and marketing to support growth, while maintaining positive Adjusted EBITDA.
• In Q1 2025, Mogo launched "MOGO 3.0," an initiative to become a fully AI-native company by consolidating platforms, automating workflows, and embedding AI across its wealth, lending, and operations.