Mogo announces new minority investment in Gemini, adding to Investment Portfolio
By Edlyn Cardoza
Mogo Inc., a digital payments and financial technology company, recently announced a new minority investment in Gemini’s recently completed US$400 million financings, which Morgan Creek Digital led. Gemini, founded by brothers Tyler and Cameron Winklevoss, is one of the leading cryptocurrency exchanges in the U.S. market.
The investment in Gemini adds to Mogo’s growing portfolio of strategic investments focused on the expanding ecosystem that Mogo is operating in, including crypto, gaming and the emerging metaverse. At the last quarter-end, the Company’s digital assets and investments (including Mogo’s book value of its investments in Coinsquare) totalled approximately $150 million. The portfolio includes investments in:
- Coinsquare, one of Canada’s leading crypto platforms (of which Mogo owns approximately 39%).
- Tetra Trust, Canada’s first qualified custodian for cryptocurrency assets.
- Enthusiast Gaming, a fast-growing media platform for video game and esports fans to connect and engage worldwide.
- Eleven Gaming, a Toronto-based professional esports organization.
- Tiidal Gaming, a professional esports, betting & entertainment organization.
- The portfolio also includes investments in Bitcoin and Ethereum.
“Over the past year or more, we have been migrating our investment portfolio from legacy investments into businesses within our broader ecosystem that have significant stand-alone growth potential and, equally important, bring strategic value to Mogo and deepen our expertise in areas that we believe are increasingly relevant for a next-gen fintech platform and digital wallet,” said Greg Feller, President and CFO of Mogo.
Mogo is empowering its close to 1.8 million members with simple digital solutions to improve their finances. Through the free Mogo app, consumers can access a digital spending account with Mogo Visa Platinum Prepaid Card, the only card of its kind in Canada. The MogoCard makes it easy to enjoy spending control while doing good for the planet by planting a tree for every purchase. The Mogo app also enables you to easily buy and sell bitcoin, get free monthly credit score monitoring and ID fraud protection, and personal access 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, while Mogo’s wholly-owned subsidiary Moka is bringing automated, fully-managed flat-fee investing to Canadians from coast to coast.
IBSi Prime News
November 26, 2021
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