At the beginning of the 2010s, financial technology companies looked like they had the potential to be game changers. Consumer trust in banks was low following the financial crisis, and fintech firms had surpassed top financial firms in the digital realm. However, banks have responded to this threat by making huge investments in their digital infrastructure. This has forced fintech firms to pursue other ways to differentiate themselves.
Mogo (TSX:MOGO)(NASDAQ:MOGO) is one of the more exciting fintech companies on the TSX. The Vancouver-based fintech has seen its stock fall 15% over the past three months as of close on January 17. Shares have still climbed 19.8% year over year.
Investors can expect to see its fourth quarter and full-year results for 2019 in March. In the third quarter, Mogo saw its member base rise 30% year-over-year to 925,000 and total revenue increased 7.6% to $16.6 million.
GoldMoney (TSX:XAU) is a Toronto-based fintech company that is the world’s largest precious metals network. It operates a gold based financial services platform. The company made a brief foray into bitcoin and cryptocurrencies but has since retreated from this volatile sector.
It is set to release its third quarter results in February. In the second quarter of fiscal 2020 GoldMoney reported record quarterly revenue of $127.2 million. Its gross margin surged 65% year-over-year to $2.5 million and gross profit jumped 37% to $5.6 million. The spot price of gold and silver have enjoyed a nice start to 2020. Continued geopolitical volatility, trade uncertainty, and slowing growth are all bullish signs for precious metals.
