Tactico Exit: Mogo Completes Acquisition of Leading Investing App Moka
Montreal, May 6th, 2021 - Tactico is pleased to announce the sale of its portfolio company, Moka Financial Technologies Inc., to Mogo Inc. (NASDAQ/TSX: MOGO). Formally Mylo Financial Technologies Inc., Moka is Canada's leading savings and investing app with a robust customer-focused platform designed to help millennials achieve their financial goals.
With the acquisition of Moka, Mogo has increased its member base to over 1.6 million members while also expanding its wealth management offering to include saving and investing products. Mogo will be leveraging Moka's investing platform and deep expertise, which includes AUM of $250 million and registered portfolio management capabilities throughout Canada and Europe. The acquisition will accelerate Mogo's plans to launch a free stock trading solution, promising to be the most comprehensive digital wallet in Canada.
As part of Mogo's Acquisition, Dr. Liam Cheung, Moka's Chairman and Partner at Tactico, is expected to join Mogo's Board of Directors. Moka's Founder & CEO, Philip Barrar will also join Mogo's leadership team as Chief Innovation Officer.
“We could not be happier for the marriage of these two companies. Both teams share a passion for building great digital products to improve financial wellness for all Canadians. There are many synergies to be developed and new opportunities to be explored in this highly strategic acquisition. We look forward to working closely with Mogo as they become the premier consumer FinTech platform in Canada.” said Liam Cheung, Tactico Partner.
Tactico is a hands-on venture capital firm specializing in implementing strategic and tactical solutions for curated, early-stage investments. Along with providing capital, Tactico’s partners get involved in helping business stakeholders establish the future strategic direction of the company. Its leadership team has extensive experience building and operating successful businesses and navigating dynamic corporate climates. Tactico has broken down the barriers so that accredited investors have the opportunity to invest alongside us through targeted special purpose vehicles (SPVs) and Tactico Strategic Finance (TSF), a diversified debt fund.
Montreal-based Moka launched in 2017 with the social mission of helping millennials achieve their financial goals, and it has since been downloaded by over 1 million consumers and earned thousands of 5-star reviews. The Moka app has become one of Canada’s most popular investing apps due to its roundup feature, which automatically rounds up daily purchases and invests the spare change in personalized, diversified portfolios of low-cost Exchange-Traded Funds. Moka members can invest through a TFSA, RRSP or non-registered account.
Mogo is empowering its more than one million members with simple digital solutions to help them get in control of their financial health. Through the Mogo app, consumers can access a digital spending account with Mogo Visa* Platinum Prepaid Card featuring automatic carbon offsetting, easily buy and sell bitcoin, and get free monthly credit score monitoring, ID fraud protection, and personal loans. Mogo’s wholly-owned subsidiary, Carta Worldwide, also offers a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe, North America and APAC. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).