Mogo Inc. (TSX:MOGO)(NASDAQ:MOGO) is a Vancouver-based financial technology company. Its shares were down 4.4% in late afternoon trading on November 18. However, the stock is still up 34% in 2021.
The stock gained huge momentum in late 2020 through to the early part of 2021. It has been a beneficiary of the bull market in the cryptocurrency space. Mogo unveiled its third quarter 2021 results on November 10.
Subscription and services revenue shot up 126% year-over-year to $9.5 million. Meanwhile, total revenue climbed 58% to $15.4 million. However, it posted an adjusted EBITDA loss of $3.4 million compared to positive adjusted EBITDA of $4.8 million.
On the business side, Mogo saw its total member base increase 64% year-over-year to 1.8 million members. Meanwhile, MogoCard transaction volume soared 915% from the same period in 2020. Payment processing volume climbed 65% to $2.4 billion. Mogo owns approximately 39% of Coinsquare, one of the country’s leading crypto platforms. It bolstered assets under custody to $859 million at the end of October.
Mogo aims to launch a commission free stock trading solution before the end of 2021. Subject to regulatory approval, MogoTrade will add another dimension to the company’s highly diversified business.
The company is on track for strong revenue growth going forward. Meanwhile, it boasts an immaculate balance sheet at the time of this writing. Investors should consider snatching up this fintech stock on the dip in the latter half of November.
