Canadian fintech and digital payments company Mogo announced its investment in the digital asset trading platform Coinsquare. Mogo will acquire 19.99% ownership of Coinsquare’s outstanding common shares for roughly $56.4 million, and provides for the company to acquire an additional 20% ownership interest.
This strategic investment builds on a multi-year relationship between the two companies. Coinsquare acts as the trading platform for MogoCrypto, a service Mogo launched in 2018 to allow its members to buy and sell bitcoin.
Greg Feller, President of Mogo, said: “This major strategic transaction with Coinsquare gives us a significant stake in a highly valuable platform in one of the most exciting and fastest growing sectors of fintech. We believe there are significant opportunities to drive value for both Mogo and Coinsquare by bringing together Mogo’s leading digital wallet capabilities and Coinsquare’s leading digital trading platform.”
Mogo offers more than one million members digital payment solutions designed to keep them in control of their financial health. Through the Mogo app, consumers can access a digital spending account with Mogo Visa Platinum Prepaid Card.