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Mogo Inc. (TSX: MOGO) (NASDAQ: MOGO) (“Mogo” or the “Company”), one of Canada’s leading financial technology companies, today provided an update on its business performance and measures the Company is taking in response to the ongoing COVID-19 pandemic.“Like many companies, we’ve had to quickly adapt and make some difficult but necessary decisions as a result of the emerging effects of the coronavirus.
I’m proud of how our team has managed the transition and the tremendous commitment they have shown to serving our customers in these challenging times,” said David Feller, President and CEO of Mogo.
“We are taking actions to better position Mogo to manage through the current challenging environment, including steps to accelerate our path to positive cash flow.
As we emerge from this period, financial health and digital banking are two trends we expect to accelerate, and our leading digital platform positions us well for the recovery.”Actions taken in response to COVID-19:Enabled nearly 100% of employees to work from homeLaunched a Job Loss Action Plan for members, including payment programs for affected loan customersAccelerated deployment of MogoSpend to current loan customersImplemented approximately $5.0 million of cash operating expense reductions in Q2 2020Temporarily suspended new loan originations to mitigate impact of pandemic on future credit performanceExercised option to capitalize interest payments on non-convertible subordinated debentures and proposed amendments to convertible senior secured debentures (as outlined below)Helping Members Manage Through This Financial ChallengeMogo has taken additional steps to further support its members, consistent with its mission to promote financial health.Mogo has accelerated the roll-out of MogoSpend, its digital spending account with Mogo Visa* Platinum Prepaid Card, to current loan customers.
New cards are being issued weekly, with premium loan customers receiving the card for free.In addition to free monthly credit score monitoring, members are now able to get 6 months of MogoProtect identity fraud protection for free.Loan Originations & Cost Reduction InitiativesMogo’s consumer lending portfolio is primarily composed of small-dollar lines of credit, with an average balance of approximately $1,500 per loan and average payments of approximately $50, across approximately 44,000 customers.
Approximately 55% of Mogo’s customers have loan protection insurance which covers their loan payments for a period of up to 6 consecutive months in the event of unemployment.As discussed with its Q4 2019 financial results, Mogo has temporarily paused new on-balance-sheet loan originations, which is expected to have a negative impact on its near-term revenue.