Canadian fintech company Mogo (Mogo Stock Quote, Chart, News: TSX:MOGO) has added some celebrity sizzle with a decidedly Dragon flair to its investor list.
The company, which today closed a $15-million debenture offering, reported that among its new shareholders are Boston Pizza owner Jim Treliving, Club Monaco and Joe Fresh founder Joe Mimran, Minhas Breweries co-owner Manjit Minhas, and Michele Ronanow, the co-founder of Buytopia.ca.
Already an investor in the company going back to its 2015 IPO, Dragons Den star Mike Wekerle added another $6.5-million worth of the debentures. The man Bay Street knows as “Wek” says he thinks Mogo will be one of the Canadian fintechs that will push through to popular success in the sector.
“There is no question that the world of consumer finance is going digital,” said Wekerle. “I believe Mogo is the clear leader in Canada with the best digital experience [and] brand, and over 400,000 members and growing. I am excited to be a part of this company that I think is building a true challenger brand to the banks and helping redefine one of Canada’s largest industries.”
Mogo management says the proceeds of the offering will go towards funding the growth of its loan portfolio, with a particular emphasis on its long-term loan products.
Mogo president and CFO Greg Feller says he is glad to have the high-profile investors on board, even if he didn’t have to enter the shadowy climes of the CBC Dragons’ Den to get the deal done.
“We’re pleased to complete this financing and to have several high-profile investors participate,” he told Cantech Letter today. “This new capital will allow us to resume the growth of our high-yielding loan portfolio, while we continue to focus on ramping our new products such as mortgages.”
Shares of Mogo closed today down 1.9 per cent to $4.18.
Disclosure: Mogo is an annual sponsor of Cantech Letter and editor Nick Waddell owns shares of the company.