Breaking News: Mogo Secures Three-Year Extension on Credit Facility with Fortress Investment Group!

Update on Mogo’s Credit Facility

VANCOUVER, British Columbia–(BUSINESS WIRE)–Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a digital wealth and payments business, today announced an amendment to its existing senior credit facility (“Credit Facility”) with funds managed by affiliates of Fortress Investment Group LLC (“Fortress”). This Credit Facility supports Mogo’s digital credit solution. The amended facility extends the maturity date by three years, until January 2, 2029, reduces the interest rate by 100 basis points, and includes other favorable terms for Mogo.

What does this mean for Mogo?

This three-year extension on the credit facility with Fortress Investment Group is a significant development for Mogo. It provides the company with more financial stability and flexibility to continue growing its digital credit solution. The reduced interest rate will also help Mogo save on costs, allowing them to invest more in their business and expand their offerings to customers.

How will this affect me?

As a customer or potential customer of Mogo, this news is positive for you. The extension of the credit facility means that Mogo will be able to continue providing its digital credit solution, potentially improving and expanding its services. The reduced interest rate could also benefit you if you are using Mogo’s services, as it may lead to lower fees or rates for loans and other financial products.

How will this affect the world?

While this news may seem like a small development in the grand scheme of things, it is a positive sign for the fintech industry as a whole. Mogo’s ability to secure a three-year extension on its credit facility with a reputable investment group like Fortress shows confidence in the company and the fintech sector. This could lead to increased investment and innovation in the financial technology industry, ultimately benefiting consumers and businesses worldwide.

Conclusion

In conclusion, Mogo’s three-year extension on its credit facility with Fortress Investment Group is a positive development for the company, its customers, and the fintech industry as a whole. This extension provides Mogo with financial stability and flexibility to continue growing its digital credit solution, while also benefiting customers through potentially lower costs and improved services. Overall, this news reflects positively on Mogo and the future of financial technology.