Mogo Inc MOGO Stock News

I’ve been following Mogo Inc (NASDAQ: MOGO) closely in recent months, and I have to say, I’m impressed with what I’ve seen. This morning, the opportunity became more compelling when the company announced a new partnership. Here’s what’s going on:

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MOGO Announces Partnership

Mogo issued a press release early this morning, announcing that it has entered into a new partnership. The partnership was entered into with League, a leading digital employee health benefits platform in Canada.

As a result of the partnership, MOGO will provide its identity fraud protection solution, known as MogoProtect, to the customers on the League member marketplace.

Launched in November of 2017, MogoProtect monitors Equifax Canada reports, sending alerts directly through the Mogo app and in email after a credit inquiry. The service also guides consumers through the next steps to help prevent identity fraud.

MogoProtect is also integrated into the Mogo app, giving users the ability to check their credit score.

In a statement, David Feller, Founder and CEO at Mogo, had the following to offer:

We are excited to be working with League to make MogoProtect available on their fast-growing digital platform. League is empowering employees to take control of their health – a goal that lines up very well with our focus on helping Canadians improve their financial health through digital solutions such as MogoProtect.

Financial stress continues to be the number one stress factor across all demographics, and identity theft is increasingly a key concern. This relationship allows us to get our mobile-first solution in the hands of more and more Canadians to reduce the risk and consequences of identity fraud. We continue to pursue new channels to expand the distribution of this product.

Why This News Is Significant

At the end of the day, the news released by MOGO today was huge. First and foremost, League is a leading platform, and with the company’s product being featured in the League Marketplace, awareness among consumers will likely rise, leading to a significant increase in user growth.

Moreover, as it sits right now, around 80% of Canadians are not using this kind of identity fraud solution. As such, the demand for the service will likely be high, likely leading to a strong increase in recurring revenue generated through the MogoProtect monthly subscription fee.

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CNA Finance, parent company to Alpha Stock News, has a monetary relationship with Mogo. Find out more here.

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