Mogo Inc. secures amended $100M credit facility

VANCOUVER, British Columbia - Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), a digital wealth and payments company with a market capitalization of $24.9 million, has announced significant amendments to its senior credit facility with Fortress Investment Group LLC. The revised terms of the agreement include an extension of the maturity date to January 2, 2029, a reduction in the interest rate by 100 basis points, and an increase in available capital from $60 million to $100 million under certain conditions. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 3.35, indicating solid ability to meet short-term obligations.

Greg Feller, President & CFO of Mogo, stated that the amended facility enhances the company’s financial flexibility and supports its long-term growth strategy. He emphasized the decade-long relationship with Fortress and expressed confidence in the extended partnership with the investment manager.

Mogo, founded in 2003 and headquartered in Vancouver, Canada, serves over two million members and has an annual payments volume of $12 billion. The company, which generated revenue of $31 million in the last twelve months, holds a 13% equity stake in Canada’s leading cryptocurrency exchange WonderFi (TSX:WNDR). Mogo’s offerings include commission-free stock trading and a fully managed investing solution through its subsidiary Moka. Additionally, via Carta Worldwide, Mogo provides a low-cost payments platform for card programs in Europe and Canada. Based on InvestingPro’s Fair Value analysis, the stock appears undervalued at current levels, though investors should note that comprehensive analysis and additional insights are available in the Pro Research Report, covering this and 1,400+ other stocks.

The forward-looking statements in the press release reflect Mogo’s aspirations for growth and market expansion but are subject to various risks, uncertainties, and assumptions. These statements are not guarantees of future performance and are contingent on factors such as regulatory changes and market conditions, which are largely beyond the company’s control. InvestingPro Tips indicate that while analysts have recently revised earnings upward for the upcoming period, the company’s overall financial health score remains at a cautious level.

This news article is based on a press release statement from Mogo Inc. and does not include any speculative content or endorsement of the company’s claims.

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