Mogo Inc.

Mogo's downstream is highly concentrated on Canadian consumers. Any adverse changes in the Canadian economy, regulatory environment (OSFI, provincial securities regulators), or consumer credit conditions could materially impact all three revenue segments.

Equipment

Medium

Mogo is dependent on Oracle Cloud Infrastructure (OCI) as its primary cloud provider for both wealth and payments platforms. A prolonged outage or contract dispute could disrupt MogoTrade and Carta processing operations.

Other

Medium

Carta Worldwide's B2B revenue is concentrated among several large fintech/banking clients (Vodafone, PayPal, Wise, Sodexo). Loss of any major client would impact payments segment revenue.

Other

High

Revenue concentration in lending (39.5% of FY2024 revenue) exposes Mogo to consumer credit risk. The company's lending business is expected to decline ~8-10% in 2025 as it shifts focus to wealth and payments.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Subscription & Services — Wealth (MogoTrade, Moka.ai, Mogo Asset Management)

15.0%

$0.0B

Drives demand for clearing/custody partners (CI Investment Services), cloud infrastructure (Oracle Cloud Infrastructure, Snowflake), and market data/content providers (Fundstrat, Postmedia).

Subscription & Services — Payments (Carta Worldwide transaction processing fees)

14.0%

$0.0B

Drives demand for Visa/Mastercard network certifications, Oracle Cloud for processing infrastructure, and bank sponsorship partners (LendingClub Bank) for card issuing.

Subscription & Services — Other Platform (credit score monitoring, identity protection, premium subscriptions)

31.5%

$0.0B

Drives demand for credit bureau data (Equifax), open banking APIs (Plaid), and data analytics infrastructure (Snowflake).

Lending & Other (MogoMoney personal loans, interest income)

39.5%

$0.0B

Drives demand for credit underwriting data (Equifax), funding/liquidity partners, and loan servicing infrastructure. Portfolio was partially sold to goeasy Ltd. in 2020.

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Mogo Inc.

Supply Chain of MOGO

Upstream

Oracle Corporation (Oracle Cloud Infrastructure — OCI)

Snowflake Inc.

Plaid Inc.

CI Investment Services Inc. (formerly CI Financial Corp., now private)

Equifax Inc.

Peoples Trust Company (Peoples Group)

Visa Inc.

Mastercard Inc.

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Downstream

Mogo Retail Members (2.29M Canadian consumers)

Vodafone Group Plc (via Carta Worldwide)

PayPal Holdings Inc. (via Carta Worldwide)

Wise Plc (via Carta Worldwide)

Sodexo S.A. (via Carta Worldwide)

Banco de Sabadell S.A. (via Carta Worldwide)

LendingClub Bank (via Carta Worldwide)

Postmedia Network Canada Corp.

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Proxies

Nu Holdings Ltd. (Nubank)

SoFi Technologies Inc.

Upstart Holdings Inc.

Marqeta Inc.

Geographic

Canada

United States

Europe & Asia-Pacific

Supply Chain of MOGO

Upstream

Oracle Corporation (Oracle Cloud Infrastructure — OCI)

Snowflake Inc.

Plaid Inc.

CI Investment Services Inc. (formerly CI Financial Corp., now private)

Equifax Inc.

Peoples Trust Company (Peoples Group)

Visa Inc.

Mastercard Inc.

View More

Downstream

Mogo Retail Members (2.29M Canadian consumers)

Vodafone Group Plc (via Carta Worldwide)

PayPal Holdings Inc. (via Carta Worldwide)

Wise Plc (via Carta Worldwide)

Sodexo S.A. (via Carta Worldwide)

Banco de Sabadell S.A. (via Carta Worldwide)

LendingClub Bank (via Carta Worldwide)

Postmedia Network Canada Corp.

View More

Proxies

Nu Holdings Ltd. (Nubank)

SoFi Technologies Inc.

Upstart Holdings Inc.

Marqeta Inc.

Geographic

Canada

United States

Europe & Asia-Pacific