Mogo Inc. (MOGO): Business Model Canvas [Dec-2025 Updated]

You're trying to map out where Mogo Inc. stands right now, and after two decades watching fintech shifts, I can tell you this isn't the same company it was. Based on their Q3 2025 numbers, the pivot is defintely complete: they are aggressively moving from their lending past to a unified digital wealth and payments powerhouse, evidenced by Assets Under Management hitting $498 million (CAD) and Wealth Revenue jumping 27% year-over-year. To truly grasp how they are balancing the new AI-native 'Intelligent Investing' platform with the global Carta Worldwide payments engine, you need to see the full operational blueprint below.

Mogo Inc. (MOGO) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that underpin Mogo Inc.'s strategy as of late 2025. These aren't just vendor agreements; they are structural alignments that provide capital, operational backbone, and regulatory positioning. Honestly, in this business, partnerships are the moat.

Credit Facility and Capital Access with Fortress Investment Group LLC

The relationship with funds managed by affiliates of Fortress Investment Group LLC is foundational, supporting the digital credit solution. In February 2025, Mogo amended this senior secured credit facility, extending the partnership's runway significantly. The maturity date is now set for January 2, 2029, a three-year extension. Furthermore, the cost of capital dropped, with the interest rate reduced by 100 basis points, moving from 8% plus SOFR to 7% plus SOFR. This facility also offers enhanced flexibility, with available capital expandable up to $100.0 million under certain conditions, up from the previous $60.0 million ceiling.

Here are the key terms of the amended facility:

• Maturity Date Extension: 3 years to January 2, 2029.
• Interest Rate Reduction: 100 basis points.
• Potential Capital Increase: Up to $100.0 million.
• Purpose: Supports the digital credit solution.

Operational Scaling via Oracle Cloud Infrastructure (OCI)

For the payments business, Carta Worldwide, the migration to Oracle Cloud Infrastructure (OCI) was a key operational milestone completed in the first quarter of 2025. This move was specifically targeted to better position the business to scale and pursue its goal of becoming a leading low-cost payments platform in Europe. While the direct impact metric isn't isolated, we can look at the resulting operational scale. By Q3 2025, Carta processed $2.8 billion of payments volume. Excluding the exited Canadian market, the European payment volume showed solid growth, increasing 15% year-over-year for Q3 2025.

The OCI partnership directly supports the platform's ability to handle this volume and the company's broader AI-native strategy.

Strategic Investments in Digital Assets and Fintech

Mogo continues to execute its dual-compounding strategy, which pairs fintech operations with a strategic Bitcoin treasury. A concrete example of this is the July 2025 strategic investment in Digital Commodities Capital Corp.

This partnership is detailed below:

Metric	Value
Investment Amount	$1.0 million
Stake Acquired	Approximately 9%
Units Purchased	13.3 million units
Price Per Unit	$0.075
Warrant Exercise Price	$0.10

This investment aligns with Mogo's conviction, which was further reinforced by a board authorization in July 2025 to allocate up to $50 million to Bitcoin as a long-term reserve asset. By Q3 2025, Bitcoin holdings reached $4.7 million, representing an increase of over 300% quarter-over-quarter.

Regulatory Alignment with CIRO

A critical partnership for future growth in the wealth segment involves regulatory bodies, specifically the effort to gain full crypto trading approval in Canada. In July 2025, Mogo announced it was actively seeking this regulatory approval from bodies like the Canadian Investment Regulatory Organization (CIRO). If successful, Mogo would join an elite category, becoming one of only two companies in the country authorized to offer both equity trading (via MogoTrade Inc.) and crypto trading under a single, regulated platform. This is viewed as creating a structural moat for the IntelligentInvesting.ai platform.

The overall financial context supporting these strategic moves as of the end of Q3 2025 included:

• Assets Under Management (AUM): Record $498 million.
• Total Cash and Investments: $46.1 million.
• Adjusted EBITDA Margin: 11.6%.
• Total Members: 2.29 million (up 6% year-over-year).

Finance: draft the Q4 2025 cash flow projection incorporating the expected impact of the Fortress facility terms by next Tuesday.

Mogo Inc. (MOGO) - Canvas Business Model: Key Activities

You're looking at the core engine room of Mogo Inc. (MOGO) as of late 2025. The Key Activities are focused on platform unification, scaling digital payments, internal AI transformation, and a distinct capital strategy anchored by Bitcoin. Here's the breakdown of what they are actively doing, grounded in the numbers from their Q3 2025 results.

Developing and unifying the 'Intelligent Investing' platform (MogoTrade/Moka)

This activity centers on merging the MogoTrade and Moka offerings into the single, unified Intelligent Investing wealth platform. The goal is to use behavioral discipline as the core operating system for building wealth, moving away from platforms designed around engagement and firm profits.

The platform scale shows traction in this area:

• Assets Under Management (AUM) reached a record $498 million (CAD) as of the end of Q3 2025.
• Wealth Revenue for Q3 2025 was $3.7 million, marking a 27% increase year-over-year.
• Total membership on the platform reached 2.29 million members by Q3 2025, a 6% year-over-year growth.
• In Q2 2025, the company began moving forward with plans to enable crypto trading alongside equities, aiming to be one of only two companies in Canada authorized to offer both asset classes through a single, integrated, regulated platform.

Operating the Carta Worldwide digital payments processing platform in Europe

Carta Worldwide, Mogo Inc.'s wholly owned digital payments subsidiary, is a key activity focused on powering next-generation card programs for companies in Europe and Canada. The European expansion is a noted driver of growth.

Here are the operational metrics showing the activity level:

Metric	Q3 2025 Value	Year-over-Year Change
Payments Revenue	$2.4 million	Up 11%
Payment Volume (Q1 2025)	$3.2 billion	Up 26% from Q1 2024

To give you some context on the growth trajectory, Carta Worldwide processed just under $3.0 billion of payment volume in Q3 2024, and its annual payments volume reached $9.9 billion for the 12 months ended December 31, 2023. Still, the focus is definitely on scaling that European segment.

Executing the 'Mogo 3.0' initiative to become an AI-native company

This is the internal transformation activity, launched in Q1 2025, designed to consolidate platforms and automate core workflows using Artificial Intelligence across wealth, lending, and operations. Honestly, this is about building a foundation for stronger margins.

• The company projected that the automation resulting from Mogo 3.0 would reduce operational costs by a significant 15% by the end of the 2025 fiscal year.
• In Q1 2025, the AI integration was already evident, with AI being integrated into over 60% of customer support interactions and engineering functions.
• The company achieved a positive Adjusted EBITDA of $2.0 million in Q3 2025, with an Adjusted EBITDA Margin of 11.6%.

Managing the Bitcoin treasury strategy and capital allocation

This is a core pillar of Mogo Inc.'s long-term shareholder value creation strategy, treating Bitcoin as both a reserve asset and a benchmark for internal capital deployment. The board approved a major strategic move here in July 2025.

The key numbers defining this activity are:

• Board authorization for up to $50 million allocation to Bitcoin, approved in July 2025.
• Bitcoin holdings increased by over 300% quarter-over-quarter from Q2 to Q3 2025.
• The Bitcoin reserve balance reached $4.7 million as of Q3 2025.
• The company expects to hold approximately $50 million in cash and investments following the anticipated close of the WonderFi-Robinhood transaction in the latter half of 2025, which will help fund this strategy over time.
• Future capital decisions, including M&A and share buybacks, will be evaluated against the long-term returns of holding Bitcoin, which is now the corporate hurdle rate.

Finance: draft the Q4 2025 cash flow projection incorporating the expected closing of the WonderFi transaction by next Tuesday.

Mogo Inc. (MOGO) - Canvas Business Model: Key Resources

You're looking at the core assets Mogo Inc. (MOGO) is relying on as of late 2025. The most critical intangible asset here is the proprietary 'Intelligent Investing' behavioral operating system. This system is the strategic pivot point, unifying MogoTrade and Moka to focus on investor temperament over activity, aiming to fix underperformance caused by poor emotional decisions. It's the engine for their wealth platform.

The scale of the platform supporting this system is substantial, giving you a clear picture of their reach. Honestly, the growth in Assets Under Management (AUM) is the clearest indicator that this behavioral focus is resonating with their user base. Here's a quick snapshot of the key operational and financial anchors as of the third quarter of 2025.

Key Resource Metric	Value (as of Q3 2025)
Total Member Base	2.29 million
Assets Under Management (AUM)	Record $498 million (CAD)
Total Cash & Investments	$46.1 million (CAD)
Adjusted EBITDA Margin	11.6%
Wealth Revenue Growth (YoY)	27%

That total cash and investments figure of $46.1 million (CAD) provides the necessary liquidity and capital flexibility for their strategy, including their Bitcoin treasury allocation. This pool of capital isn't just sitting idle; it's broken down into specific buckets that show where their near-term financial flexibility lies.

Here is the specific breakdown of that capital position at the end of Q3 2025:

• Cash and restricted cash totaling $18.1 million (CAD).
• Marketable securities valued at $20.8 million (CAD).
• Private investments amounting to $7.1 million (CAD).

To be fair, while the AUM is at a record high, the company also increased its Bitcoin holdings by over 300% quarter-over-quarter to $4.7 million, funded through excess cash and investment monetization, which is a key part of their long-term reserve asset strategy. This shows a commitment to hard assets alongside platform growth.

Finance: draft the 13-week cash flow view incorporating the Q3 closing balance by Friday.

Mogo Inc. (MOGO) - Canvas Business Model: Value Propositions

You're looking at how Mogo Inc. (MOGO) delivers value to its customers as of late 2025. Honestly, the value proposition is split cleanly across two major pillars: wealth creation for individuals and modern payment infrastructure for global fintechs.

Unified platform for managed and self-directed investing in Canada

Mogo is actively unifying its wealth offerings under the Intelligent Investing platform, which merges the former MogoTrade and Moka experiences. This creates a single brand for both managed and self-directed investing, all powered by a behavioral operating system. You can see the adoption in the numbers:

• Total Members reached 2.29 million as of Q3 2025, a 6% increase year-over-year.
• Assets Under Management (AUM) hit a record $498 million in Q3 2025, marking a 22% jump from the prior year.
• Wealth Revenue grew substantially, up 27% year-over-year in Q3 2025.

This integration is key because management believes the problem for most investors isn't fees, it's behavior. The platform is designed to fix that. It's a big move for the Canadian market.

Behavioral finance tools to encourage long-term, disciplined wealth building

The core of the wealth value proposition is behavioral alignment. Mogo's platform is explicitly designed around the principle of temperament over activity. They use data from years of trading to build features that promote discipline, which is a direct counter to the typical engagement-focused design of many platforms. This is about helping users become better investors, not just better traders.

The company views its Bitcoin treasury strategy as part of this clarity and discipline, having increased its Bitcoin holdings by over 300% quarter-over-quarter in Q3 2025, reaching $4.7 million.

Modern card issuing and processing solutions for global fintechs (Carta Worldwide)

Through its subsidiary, Carta Worldwide, Mogo provides the underlying infrastructure for global fintechs to issue payment products. This business is built on long-term contracts and recurring volume, focusing primarily on Europe after exiting Canadian payments operations in Q1 2025. The scale here is significant, even with the Canadian exit.

Here are the payment processing metrics from the Q3 2025 report:

Metric	Q3 2025 Value	Year-over-Year Change
Payments Volume (Excluding Canada)	$2.8 billion	Up 12%
European Transaction Volume (Q2 2025 vs Q2 2024)	$2.8 billion (Q2 2025)	Up 15%
Payments Revenue	Up 11%	N/A

Also, the international payments business is exploring stablecoin integrations, supporting an annual international payments volume exceeding $12 billion. That's serious global reach.

Path for Canadian consumers to transition from debt to wealth creation

Mogo positions itself as disrupting the Canadian wealth industry by helping members 'dramatically improve their path to wealth-creation and financial freedom'. While the lending business is currently a drag on overall revenue growth for 2025 due to rate caps, it remains a stable cash flow generator. The strategic shift is clearly toward wealth, but the lending segment still serves as a foundational asset for the platform, even as management expects it to shrink as a percentage of the overall business.

You should keep an eye on the overall financial health supporting these value propositions:

• Adjusted EBITDA for Q3 2025 was $2.0 million, representing an 11.6% margin.
• Total cash and investments stood at $46.1 million at the end of Q3 2025.
• The company raised its full-year 2025 Adjusted EBITDA guidance to $6-7 million.

Finance: draft 13-week cash view by Friday.

Mogo Inc. (MOGO) - Canvas Business Model: Customer Relationships

You're looking at how Mogo Inc. (MOGO) interacts with its users across its wealth and payments segments as of late 2025. The relationship strategy is clearly segmented, moving toward a unified digital experience while maintaining specialized support for different product lines.

Automated, digital-first self-service via the Mogo mobile application

The core relationship is digital, centered on the Mogo mobile application, which is now advancing its unified 'Intelligent Investing' platform, merging MogoTrade and Moka experiences. This digital channel serves the entire member base.

• Total Members reached 2.29 million as of Q3 2025.
• This represents a 6% year-over-year growth in the total member base.
• Assets Under Management (AUM) in the wealth businesses hit a record $498 million in Q3 2025.
• AUM growth was 22% year-over-year as of Q3 2025.

Subscription-based model for premium wealth platform features

Revenue from the subscription and services segment reflects the adoption of these premium features, which are now being integrated under the Intelligent Investing umbrella. This is a key driver of the company's profitability metrics.

For Q3 2025, Adjusted Subscription & Services Revenue was $10.3 million, showing a 7% increase year-over-year. The Rule of 40 score for this segment was calculated at 18.2% (combining 6.6% growth and an 11.6% margin).

Metric	Value (Q3 2025)	Change Y/Y
Adjusted Subscription & Services Revenue	$10.3 million	7% growth
Wealth Revenue	$3.7 million	27% growth
Adjusted EBITDA Margin (Consolidated)	11.6%	N/A

Dedicated B2B account management for Carta Worldwide's enterprise clients

The payments business, operated through Carta Worldwide, serves enterprise clients with its modern issuing platform. While the relationship is B2B, the scale of transactions managed reflects the volume of end-users being served.

Following the exit of Canadian payments operations at the end of Q1 2025, the focus shifted to Europe. Payments Volume (excluding Canada) was $2.8 billion in Q3 2025, a 12% increase year-over-year. Historically, Carta Worldwide's platform has powered over 100 card programs for industry leaders.

High-touch support for lending and complex financial products

Mogo Inc. operates a lending business in the Canadian market, which is uniquely integrated with its wealth offerings, aiming to help consumers transition from borrowing to wealth building. This suggests a need for more guided support for these complex financial journeys.

• Mogo is the only subprime consumer lender in Canada offering a holistic wealth and investing solution.
• The platform is designed to help members transition from borrowing and debt to long-term wealth building.

Mogo Inc. (MOGO) - Canvas Business Model: Channels

You're looking at how Mogo Inc. (MOGO) gets its products and services in front of customers as of late 2025. The channel strategy clearly splits between direct-to-consumer digital engagement and a business-to-business (B2B) technology offering.

Mogo's unified mobile and web application for all consumer products

The core consumer channel is the unified application, which is evolving under the MOGO 3.0 initiative to become fully AI-native. This platform aims to consolidate wealth and lending products into a single experience, centered around Intelligent Investing. As of the third quarter of 2025, Mogo's total membership stood at 2.29 million, reflecting a 6% year-over-year growth. This app is the primary interface for members to access features like commission-free stock trading and wealth management tools. The rollout of the unified, behaviorally aligned system began in Q3 2025 and is set to continue into Q1 2026, aiming to improve investor outcomes through behavioral discipline.

The scale of the consumer base and platform engagement is reflected in these key metrics:

• Total Mogo members as of Q3 2025: 2.29 million.
• Year-over-year membership growth (Q3 2025): 6%.
• Wealth Assets Under Management (AUM) reached a record high in Q3 2025: $498 million.
• Wealth Revenue growth year-over-year in Q3 2025: 27%.

Direct B2B sales channel for Carta Worldwide's payments platform

The Carta Worldwide subsidiary serves as a distinct B2B channel, providing issuer processing technology to fintech companies, banks, and corporations globally. This channel is a significant driver of transaction-based revenue. While the overall payments volume for Q1 2025 was reported at $3.2 billion, the focus has shifted geographically. For Q3 2025, the company reported that Payments Revenue was up 11% year-over-year. To be fair, this growth is heavily weighted toward international markets, as Mogo ceased payments operations in Canada to focus on Europe.

Here's a look at the B2B payments performance, using the most recent available segment data:

Metric	Q3 2025 Value	Year-over-Year Change
Payments Revenue (Total)	$2.4 million	11% Increase
European Payments Revenue (Ex-Canada)	$2.4 million	11% Increase (vs. $2.2 million in Q3 2024)

Digital marketing and online content focused on financial health

The channel for acquiring and engaging the consumer base relies heavily on digital marketing and content, which is framed around improving financial health and intelligent investing. This strategy directly feeds the growth in the wealth segment. The focus on behavioral discipline, as part of the Intelligent Investing platform, is a key content differentiator. The success of this approach is visible in the growth of assets managed through the platform, which hit $498 million in Q3 2025.

The financial impact of this channel focus is clear when looking at the Subscription & Services revenue, which includes wealth and payments:

• Adjusted Subscription & Services Revenue in Q3 2025: $10.3 million.
• Growth in Adjusted Subscription & Services Revenue in Q3 2025: 7% year-over-year.
• The Rule of 40 score for Subscription & Services in Q3 2025 was 18.2% (calculated from 6.6% growth + 11.6% margin).

Strategic product integrations (e.g., potential Bitcoin-backed credit)

A notable part of Mogo Inc.'s strategy involves capital allocation and integration of hard assets, which serves as a unique channel differentiator and a strategic asset. While specific numbers for a Bitcoin-backed credit product aren't detailed, the company's treasury strategy is transparent. They significantly increased their exposure to Bitcoin during Q3 2025.

The scale of this strategic asset holding as of Q3 2025 is:

• Bitcoin Holdings increase from Q2 2025: Over 300% Quarter-over-Quarter.
• Book value of Bitcoin Holdings as of Q3 2025: $4.7 million.

The total cash and investments position as of the end of Q3 2025 was $46.1 million, which included $20.8 million in marketable securities and $7.1 million in private investments. Finance: draft 13-week cash view by Friday.

Mogo Inc. (MOGO) - Canvas Business Model: Customer Segments

You're looking at the core groups Mogo Inc. (MOGO) targets across its digital wealth and payments ecosystem as of late 2025. The focus has clearly shifted to scaling the platform for growth while managing legacy lines cautiously.

Canadian retail consumers seeking financial health and wealth tools represent the broad base of the platform. As of the third quarter of 2025, Mogo served a total membership base of 2.29 million members. That figure shows a year-over-year increase of 6%, indicating continued, albeit measured, adoption of their unified financial management tools. This segment uses the platform for credit score monitoring, identity fraud protection, and access to their Intelligent Investing platform.

Behaviorally-focused investors prioritizing long-term discipline over activity are central to the wealth proposition, now unified under Intelligent Investing. This group is driving significant asset growth. Assets Under Management (AUM) hit a record $498 million CAD in Q3 2025, marking a 22% increase year-over-year. The monetization of this focus is evident in the Wealth Revenue, which grew 27% year-over-year to reach $3.7 million CAD in Q3 2025. The platform is explicitly designed to counter poor investor behavior, centering on temperament over activity.

Here's a quick look at the scale across the primary revenue-generating segments as of Q3 2025:

Segment Metric	Value (Q3 2025)	Year-over-Year Change
Total Members	2.29 million	6% increase
Assets Under Management (AUM)	$498 million CAD	22% increase
Wealth Revenue	$3.7 million CAD	27% increase
Payments Revenue	$2.4 million CAD	11% increase

Global and European fintechs and corporations needing card issuing services are served through the wholly-owned subsidiary, Carta Worldwide. This business line is now primarily focused outside of Canada, as Mogo ceased payments operations in Canada effective at the end of Q1 2025. The European focus is showing traction.

• Payments Volume (excluding Canada) reached $2.8 billion in Q3 2025.
• Payments Revenue increased 11% year-over-year to $2.4 million CAD in Q3 2025.
• The platform powers next-generation card programs for established corporations and fintech companies, with historical clients including TransferWise.

The subprime consumer lending market in Canada (legacy business line) is being managed with caution due to macroeconomic uncertainty. Management anticipates taking a more cautious approach to loan originations. As a result, interest revenue from the lending business is expected to decrease by approximately 8-10% for the full fiscal year 2025. This signals a deliberate de-emphasis on this segment relative to the growth pillars of wealth and payments.

Finance: draft 13-week cash view by Friday.

Mogo Inc. (MOGO) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that power Mogo Inc.'s operations as of late 2025. Honestly, understanding these costs is key to seeing where the company is putting its capital to work, especially with the push toward AI and platform consolidation.

Technology development and AI integration costs (Mogo 3.0 initiative)

• Technology and development expenses totaled $5.6 million for the six months ended June 30, 2025.
• The Mogo 3.0 initiative is the internal drive to become a fully AI-native company, which involves consolidating platforms and automating workflows.

Sales and marketing expenses for member acquisition and platform growth

• Specific 2025 Sales and Marketing expense figures aren't immediately available in the latest reports.
• The strategy has involved pursuing strategic partnerships to help reduce marketing expenses while maintaining growth focus.

Interest expense on the senior secured credit facility (7% plus SOFR)

• The senior secured credit facility was amended in February 2025 to a lower rate of 7% plus SOFR, down from 8% plus SOFR.
• The latest reported annual interest expense on the credit facility, for the year ended December 31, 2023, was $6,064,000 (in thousands of Canadian dollars).

Personnel and operational costs for the global payments business (Carta)

• Total operating expenses for the third quarter ended September 30, 2025, were $12.4 million.
• Transaction costs, which include transaction processing costs related to the Carta business, were $5.2 million for the three months ended September 30, 2025.

Here's a quick look at some of the most recent, concrete cost-related figures we have for fiscal 2025 (all amounts in thousands of Canadian dollars unless otherwise noted):

Cost Category Detail	Period Ended	Amount (CAD)
Technology and development expenses	June 30, 2025 (Six Months)	5,600
Transaction costs (includes Carta processing)	September 30, 2025 (Three Months)	5,200
Total operating expenses	September 30, 2025 (Three Months)	12,400
Interest expense on credit facility (Historical Benchmark)	December 31, 2023 (Annual)	6,064

The company is clearly prioritizing investment in technology, as seen with the Mogo 3.0 initiative, while managing overall operating expenses, which were flat year-over-year in Q3 2025, even as revenue grew.

Mogo Inc. (MOGO) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for Mogo Inc. as of late 2025, focusing on the hard numbers from their Q3 2025 report. It's a mix of recurring subscription fees, transaction-based income, and strategic asset realization. Honestly, the shift in focus away from Canadian lending is clear in these figures.

The core platform revenue streams showed solid growth in the third quarter of 2025. Here's the quick math on the two main operational segments:

Revenue Stream Component	Q3 2025 Amount (CAD)	Year-over-Year Growth
Wealth Revenue	$3.7 million	27%
Payments Revenue	$2.4 million	11%
Adjusted Subscription & Services Revenue	$10.3 million	7%

The Adjusted Subscription & Services Revenue hit $10.3 million (CAD) in Q3 2025, representing a 7% increase year-over-year. This stream is seen as durable because it's mostly recurring revenue-based.

Regarding the consumer lending portfolio, Interest Revenue was actually down 5% in the quarter, which management attributed to a new rate cap implemented at the start of the year. Still, it was up slightly on a sequential basis, showing some underlying portfolio growth.

The lending book is strategically expected to shrink as a percentage of the overall business, with future top-line growth intended to come from wealth and payments.

Monetization of strategic investments provided a notable cash boost. Mogo monetized approximately $13.8 million from its investment in WonderFi Technologies Inc. in the preceding quarter, which helped fund other capital allocation priorities.

This capital flexibility was evident as Mogo increased its Bitcoin holdings by over 300% quarter-over-quarter, reaching $4.7 million in Bitcoin by the end of Q3 2025. On a consolidated basis, total cash increased in the quarter by almost $7 million, reflecting the impact of these portfolio monetizations.

You can see the revenue composition breaking down like this:

• Wealth Revenue: $3.7 million, up 27% YoY.
• Payments Revenue: $2.4 million, up 11% YoY.
• Adjusted Subscription & Services Revenue: $10.3 million, up 7% YoY.
• Interest Revenue: Down 5% YoY for the quarter.
• Strategic Investment Proceeds: Realized $13.8 million from WonderFi monetization.

Finance: draft 13-week cash view by Friday.