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Mogo signs three-year marketing deal with Postmedia
Mogo Finance Technology of Vancouver has formed a marketing agreement with Postmedia Network of Toronto. During the three-year agreement, the two companies will collaborate on marketing various Mogo products, including loans, pre-paid credit cards and mortgages. The intent of the initiative is to raise awareness of the Mogo brand. These promotions will take place nationally in Postmedia properties such as the National Post, Financial Post, Toronto Sun, Vancouver Sun, Ottawa Citizen, Calgary Herald, 24Hrs, Canada.com, Driving.ca and Canoe.com. According to the companies, these activities will occupy media space worth a minimum of $50 million. During the term of the agreement, Mogo will pay Postmedia a percentage of its revenues, as well as warrants to purchase shares in the company.
"We are on a transformative journey at Postmedia and this strategic collaboration with Mogo represents one important step forward that could be replicated in other sectors," said Paul Godfrey, president and CEO of Postmedia. "Because of the innovative structure of this agreement our interests are aligned and Postmedia shares in Mogo's success. We are highly motivated to accelerate their growth. We are thrilled to be teaming up with one of the leaders in Canada's emerging fintech sector."