Shares of digital wallet and payments company Mogo Inc. (MOGO) are rising more than 8% Tuesday morning Tuesday morning after reporting narrower loss and rise in revenue for the fourth quarter.
Fourth quarter net loss narrowed to C$2.8 million, from net loss of C$6.2 million last year.
Revenue for the quarter increased to C$10.0 million from C$9.8 million in the same quarter a year ago, driven by growth in subscription and services revenue.
Mogo expects Year-over-year growth of 80% to 100% in subscription and services revenue in Q4 2021.
Separately, the company announced that it is entering the Canadian wealth management industry worth more than $4 trillion by the acquisition of saving and investing app, Moka Financial Technologies Inc.
MOGO, currently at $11.13, has been trading in the range of $0.57- $12.29 in the last one year.
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