B.C. fintechs Mogo, Progressa hit milestones

Progressa’s Vancouver offices | Photo: Chung Chow, BIV file photo

Two B.C.-based financial technology firms have announced milestones this week.

Mogo Finance Technology (TSX: MOGO) revealed March 21 it’s added about 50,000 customers to its offering of digital finance services since the beginning of the year.

The Vancouver-based company added 210,000 new accounts in 2018 to reach 756,000 members — a 39% increased compared with 2017.

Mogo said it now has more than 800,000 members.

The fintech firm is known for offering products such as credit score monitoring, identity fraud protection and cryptocurrency trading.

Meanwhile, Progressa announced March 19 it had surpassed $100 million in funded loans.

The Vancouver-based firm specializes in lending capital to non-prime consumers, using a platform to help clients consolidate debt or pay off overdue bills. Its software also helps businesses with collections.

Last year Progressa announced an equity and loan funding round that raised $84 million.

CEO Ali Pourdad told BIV in August 2018 that he hoped to take the company public by the end of 2019 if current market conditions prevailed.

torton@biv.com

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