Mogo Inc. (MOGO): BCG Matrix [Dec-2025 Updated]

You're looking for a clear-eyed view of Mogo Inc.'s core businesses, and the BCG Matrix is defintely the right tool to map their strategic position as of late 2025. We've mapped their portfolio, revealing a clear growth engine in Wealth Revenue, which jumped 27% year-over-year, sitting alongside a stable Cash Cow in Payments providing $2.0 million in Adjusted EBITDA. Still, the picture isn't all bright; the Legacy Lending Dog is shrinking by up to 10%, while the high-stakes Bitcoin Treasury Question Mark has exploded 300% quarter-over-quarter to $4.7 million. Dive in below to see exactly where Mogo Inc. needs to invest its capital now to secure future wins.

Background of Mogo Inc. (MOGO)

You're looking at Mogo Inc. (MOGO), a financial technology company that centers its business around digital wealth and payments, aiming to provide solutions for what they call intelligent investing and financial management for Canadians. Honestly, the firm's core mission, as articulated by its leadership, is to fix the problem that most investors underperform due to behavior, not fees, by focusing on temperament over activity. This is the driving force behind their push for the 'Intelligent Investing' platform, which is a unified experience combining their MogoTrade and Moka offerings.

The business operates on two main growth pillars: wealth and payments. As of late 2025, the company is strategically shifting its payments focus; after Q1 2025, Mogo ceased payments operations in Canada to concentrate primarily on Europe through its Carta Worldwide segment. This strategic pivot is important for understanding the segment's current market position.

Looking at the results for the third quarter ended September 30, 2025, Mogo demonstrated sustained momentum in these areas. Adjusted Total Revenue came in at $17.0 million, which was a 2% increase year-over-year. More specifically, Wealth Revenue saw a strong jump, rising 27% year-over-year to reach $3.7 million, while Payments Revenue was up 11% year-over-year to $2.4 million. To be fair, the overall revenue growth was modest, but the underlying segment growth is telling.

The wealth side of the business is clearly gaining traction, with Assets Under Management (AUM) hitting a record $498 million in Q3 2025, marking a 22% increase year-over-year. Plus, Mogo has been active on the capital front, reporting a notable increase in its Bitcoin holdings by over 300% quarter-over-quarter, bringing that reserve to $4.7 million. Financially, the company posted a positive Adjusted EBITDA of $2.0 million, representing an 11.6% margin, though they still reported an Adjusted Net Loss of $3.4 million for the quarter. They finished Q3 with a total cash and investments position of $46.1 million and have since raised their full-year 2025 Adjusted EBITDA guidance to between $6-7 million.

Mogo Inc. (MOGO) - BCG Matrix: Stars

You're looking at the engine room of Mogo Inc.'s current growth story, the segment that demands investment to maintain its leadership position. This is where high market share meets a rapidly expanding market, which is the textbook definition of a Star in the Boston Consulting Group framework.

Wealth Revenue, up a strong 27% year-over-year in Q3 2025, is the clear growth leader for Mogo Inc. This specific revenue stream hit $3.7 million in the third quarter of 2025, demonstrating that the strategic pivot toward wealth management is paying off in top-line acceleration. Honestly, that kind of growth in a mature financial sector isn't easy to come by.

The Intelligent Investing platform, which unifies the former MogoTrade and Moka offerings, is driving this success, reaching a record $498 million in Assets Under Management (AUM). This AUM figure represents a significant share of the market, and it's growing fast. Here's the quick math on the platform's overall health:

The market potential here is definitely high. The Canadian digital wealth sector, particularly the software segment, is projected to grow at a Compound Annual Growth Rate (CAGR) of 14.7% from 2025 to 2030, according to some estimates. Mogo Inc.'s focus on behavioral investing-designing the platform to fix investor temperament over activity-positions it perfectly to capture market share in this growing digital space, especially since robo-advisory is noted as the fastest-growing advisory mode segment.

This segment is the primary focus for future platform monetization and member adoption. The strategy is clear: invest heavily now to solidify market leadership before the high-growth phase inevitably slows down. The company is working to convert its growing user base into higher-value, monetized relationships through this unified platform. Key areas for near-term action revolve around driving deeper adoption of the managed portfolios within Intelligent Investing and scaling the overall membership base.

• Wealth Revenue growth is outpacing Payments Revenue growth (11% YoY).
• Total membership reached 2.29 million, up 6% YoY.
• The platform aims to solve investor underperformance caused by behavior.
• The company raised its 2025 EBITDA guidance based on this strong performance.

Mogo Inc. (MOGO) - BCG Matrix: Cash Cows

You're looking at the core engine of Mogo Inc. right now, the segment that funds the riskier bets and keeps the lights on. In the BCG framework, this is the Cash Cow, the high market share, low growth unit that reliably spits out more cash than it needs to maintain its position. For Mogo Inc., the payments infrastructure, primarily through Carta Worldwide, fits this description well, representing a mature, stable revenue stream.

Payments Revenue from Carta Worldwide is a stable, recurring business, clocking in at $2.4 million in Q3 2025 revenue. This isn't explosive growth, but it's solid, dependable income. That revenue actually grew a solid 11% year-over-year in Q3 2025, which is quite healthy for a segment considered mature, providing consistent cash flow for other investments Mogo Inc. is making, like in their Bitcoin treasury or wealth platform development.

This segment contributes significantly to the overall profitability picture. The Q3 2025 Adjusted EBITDA for Mogo Inc. was $2.0 million, and the payments pillar is a major driver of that positive result. Because the market is established, the need for heavy promotion and placement spending is lower here; you focus on efficiency. Investments here are targeted, often into supporting infrastructure to improve that cash flow even further, which is exactly what we see with their focus on international scale.

Here's a quick look at the key performance indicators that define this Cash Cow status as of the latest reporting period:

• Payments Revenue (Q3 2025): $2.4 million
• Year-over-Year Revenue Growth (Q3 2025): 11%
• Contribution to Adjusted EBITDA (Q3 2025): $2.0 million
• European Payment Volume Growth (Q2 2025): 15%

The international stability, particularly in Europe, reinforces the high market share argument. European payment volume growth of 15% in Q2 2025 shows they are successfully milking gains from established international contracts. You want to keep these contracts running smoothly and look for incremental efficiency gains, not massive market expansion spending.

To illustrate the stability and scale of this unit, consider the key metrics that define its cash-generating nature:

Cash Cows are the products that businesses strive for because they fund the rest of the portfolio. They generate the cash required to cover administrative costs, service corporate debt, and fund the development of Question Marks. For Mogo Inc., this segment is definitely the unit they are advised to invest in just enough to maintain current productivity or, frankly, to 'milk' the gains passively.

The focus for this business unit should remain on operational excellence and contract retention. Any investment should be aimed at lowering the cost-to-serve or increasing transaction throughput without significantly altering the growth profile, which is exactly what you see with the continued focus on European scale and the underlying platform contracts. Finance: draft the Q4 2025 maintenance budget for Carta by next Tuesday.

Mogo Inc. (MOGO) - BCG Matrix: Dogs

You're looking at the units Mogo Inc. is actively pruning to focus capital where it generates the best return. The Legacy Lending Business, represented by its Interest Revenue stream, is firmly in the Dog quadrant. Management has guided that this asset is declining, expecting revenue from interest on its loan products to decrease by approximately 8-10% in the full fiscal year 2025, driven by a more cautious lending stance amid economic uncertainty.

This intentional de-emphasis on the low-margin, high-risk lending segment is a clear capital efficiency move. The company is prioritizing growth in Wealth and Payments, which saw Wealth revenue increase by 27% year-over-year to $3.7 million and Payments revenue grow 11% to $2.4 million in Q3 2025. The prior exit of the institutional brokerage business underscores this strategy of cutting non-core, low-return activities.

Here's a quick look at the assets being managed out versus the one currently being minimized:

The narrative for a Dog is that low relative market share combined with low growth means the unit ties up capital without providing meaningful returns. For Mogo Inc., the prior exit of the low-margin legacy institutional brokerage is a textbook example of cutting a Dog. That segment contributed $5.3 million in revenue for the year ended December 31, 2024, but it carried a negligible operating margin, making its divestiture a move to immediately improve capital allocation. The company's Q3 2025 total revenue of $17.0 million already reflects the impact of this exit.

The focus now shifts to ensuring the remaining Dog, the lending book, doesn't become a capital trap while the core business scales. The company is actively managing this down, as evidenced by the projected 8-10% revenue decline for 2025. Finance: draft 13-week cash view by Friday.

Mogo Inc. (MOGO) - BCG Matrix: Question Marks

These business components of Mogo Inc. (MOGO) fit the Question Marks quadrant: they operate in markets showing high growth potential, but the Company's current market share within those specific ventures remains low, demanding significant cash infusion to capture that potential.

The Bitcoin Treasury Strategy represents a high-risk, high-reward bet, with holdings increasing over 300% Quarter-over-Quarter (QoQ) to reach $4.7 million in Q3 2025. This aggressive accumulation was funded through excess cash and investment monetizations, aligning with a board-approved strategic initiative authorizing up to $50 million in Bitcoin allocations as a long-term reserve asset.

Mogo's strategic investment in Coinsquare, a minority stake in a volatile, high-growth crypto exchange market, is another key Question Mark. The initial consideration for a significant ownership stake was approximately $56.4 million. While the current direct ownership percentage in the combined entity (WonderFi) is reported at approximately 14% post-combination, this investment represents a concentrated bet on the future of regulated digital asset trading in Canada.

The new Intelligent Investing platform is a high-growth initiative aimed at unifying MogoTrade and Moka into a single, behaviorally-aligned wealth system. This platform integration is a major capital expenditure area, as the rollout is scheduled to begin in Q4 2025 and continue into Q1 2026, meaning its market share capture is currently unproven. The overall wealth segment, which this platform supports, saw Assets Under Management (AUM) reach a record $498 million in Q3 2025, indicating the market's growth potential.

These assets require significant capital investment to capture market share, but their future returns are uncertain. The Company ended Q3 2025 with total cash and investments of $46.1 million, providing the necessary flexibility, though the pursuit of growth in these areas must be balanced against the need to maintain profitability, evidenced by the $2.0 million Adjusted EBITDA achieved in the quarter.

The Company must decide whether to heavily invest to rapidly increase market share in the Intelligent Investing platform and grow the Bitcoin position, or risk these ventures stagnating and potentially becoming Dogs.

• Bitcoin holdings increased over 300% QoQ.
• Initial Coinsquare stake consideration was approximately $56.4 million.
• AUM for the underlying wealth business reached $498 million.
• Total cash and investments provided a balance sheet cushion of $46.1 million.

The success of these Question Marks dictates a substantial portion of Mogo Inc.'s future as a Star, requiring disciplined capital deployment now.