Vancouver fintech Mogo (TSX:MOGO) has received final approval from the Investment Industry Regulatory Organization of Canada for the launch of MogoTrade, Mogo’s commission-free stock-trading solution.
The fintech startup claims that its app, MogoTrade, is Canada’s only commission-free trading app with free real-time streaming quotes.
The stock trading app is available on iOS or Android. Members will be added to the waitlist for access to the commission-free trading feature, which will be released in a phased rollout through the first quarter of 2022.
Earlier this year Mogo acquired Montreal’s Moka Financial Technologies, one of Canada’s leading saving and investing apps, in an all-stock transaction.
The acquisition increased Mogo’s member base by over 40% to more than 1.7 million and accelerated Mogo’s plan to launch MogoTrade.
“We’re excited to achieve this important regulatory milestone before year end, which clears the way for us to launch MogoTrade,” said 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. Not only do we believe MogoTrade will set a new bar for commission-free trading in Canada, but this will also be the first trading app in the world to turn every investment into climate action by helping replant Canadian forests devastated by wildfires. How people invest is changing, and we’re excited to be at the forefront.”