Mogo Extends Credit Facility with Fortress: A Boost for Digital Lending and Growth

Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), a leading digital wealth and payments company, has announced a significant extension to its senior credit facility with funds managed by affiliates of Fortress Investment Group LLC. This strategic move aligns with Mogo's overall vision for growth and market expansion, providing the company with increased financial flexibility and resources to support its digital lending product and other services.

The amended facility extends the maturity date by three years, from July 2, 2025, to January 2, 2029. This extension offers Mogo additional time to utilize the funds for its digital lending product, maintaining the resources and flexibility it needs to continue growing and expanding its offerings. Greg Feller, President & CFO of Mogo, expressed his satisfaction with the extended relationship, stating, "This facility continues to give us the resources and flexibility we need for our digital lending product."



The extension of the credit facility also demonstrates the strong relationship between Mogo and Fortress, which has been a financial partner for over 10 years. This long-standing partnership is a testament to Mogo's financial stability and the confidence that Fortress has in the company's future prospects. This relationship can open doors to new opportunities for Mogo, such as access to additional capital or strategic guidance from Fortress.

The extension of the credit facility comes at a time when Mogo's digital payments subsidiary, Carta Worldwide, has experienced significant growth. In 2023, Carta achieved a 36% year-over-year increase in payments volume, reaching $9.9 billion. This growth is attributed to the continued expansion of Carta's core European payments business. The extended credit facility can provide Mogo with the financial flexibility to invest in further growth and expansion opportunities for Carta, both in Europe and other markets.



In conclusion, the extension of Mogo's senior credit facility with Fortress Investment Group aligns with the company's overall vision for growth and market expansion by providing additional time, resources, and flexibility for its digital lending product. The extension also strengthens Mogo's relationship with Fortress, opening up new opportunities for the company, and comes at a time when Mogo's digital payments subsidiary is experiencing significant growth. With this extension, Mogo is well-positioned to continue its expansion and solidify its position as a leading player in the digital financial sector.