Difference Capital’s Mike Wekerle buys more Mogo Finance Technology

The insider buying trend continues at Mogo Finance Technology, as the company’s share price continues to creep back up.

On February 13, Difference Capital’s Mike Wekerle bought 99,900 share of the Vancouver-based fintech player at $3.19 a share.

This adds to the 100,000 shares Wekerle purchased on February 1 at $3.00 per share.

The development comes on the heels of Mogo’s announcement that it had opened more than 210,000 new member accounts in 2018, bringing the company’s total account figure to more than three-quarters of a million.

“We are driven to help Canadians get in better control of their financial health through our mobile-first platform and growing suite of products,” said David Feller, Mogo’s founder and CEO in a press release on January 22. “Our account base is growing quickly, and we expect this to continue through 2019 as we add new products and features — all within one app that is designed to provide a best-in-class digital experience.”

Mogo’s new account figure puts the company in some loft territory. RBC CEO Dave McKay recently said the chartered bank opened 300,000 new accounts in 2018.

The insider buying at Mogo comes in the wake of the news that fellow Canadian fintech player Solium Capital will be acquired by Morgan Stanley for approximately $1.1-billion.

At press time, shares of Mogo were up 1.3 per cent to $3.20.

Disclosure: Mogo Finance Technology is a sponsor of Cantech Letter