By Sam Boughedda
Investing.com — Mogo Inc (NASDAQ:MOGO), the financial technology firm, has received final approval from the Investment Industry Regulatory Organization of Canada (IIROC) to launch MogoTrade.
Branching out from the Mogo app, which gives consumers access to a digital spending account with the Mogo Visa Platinum Prepaid Card, MogoTrade will be the company's commission-free stock-trading app.
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.
"We're excited to achieve this important regulatory milestone before year end, which clears the way for us to launch MogoTrade," stated David Feller, Mogo's CEO.
"Our team has been heads-down on this initiative since early this year and we couldn't be more excited for Canadians to experience what we see as the future of investing."
Mogo's Nasdaq-listed shares are down 3.15% to $3.11 on Monday despite the news.
Earlier in December, the company's shares fell over 15% after announcing a registered direct offering. At the time, BTIG analyst Mark Palmer stated he believes the offering was for the company to raise the cash needed to exercise its warrants to increase its stake in crypto exchange Coinsquare.