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Mogo Gets Final Regulatory Approval for Trading App Launch -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Mogo Inc (NASDAQ:)MogoTrade will be launched by, a financial technology company, which has been approved finalistically by the Investment Industry Regulatory Organization of Canada.

MogoTrade is the stock-trading company that will not charge commissions. It’s a branch of the Mogo App, which allows consumers to access a digital shopping account using the Mogo Visa Platinum Prepaid card. 

Mogo gained IIROC approval in September to acquire MogoTrade Inc— formerly Fortification Capital Inc — including its Direct Market Access and order-execution-only brokerage services. 

David Feller (Mogo CEO) stated that “We are excited to reach this important regulatory milestone prior to year end which clears our way to launch MogoTrade.” 

“Our entire team worked hard on this initiative, starting in the early part of 2018, and we are thrilled for Canadians to see what we believe is the future.

Mogo’s Nasdaq listed shares fell 3.15% to 3.11 Monday, despite the good news.

The company announced a direct registered offering in December. Shares fell by more than 15%. Mark Palmer, BTIG analyst at the time stated that the offering was meant to help the company raise cash to fulfill its warrants and increase its share in Coinsquare. 

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