Together we are facing a dynamic and unprecedented situation with Covid-19. As we move forward and continue to work together, we want to reassure you our top priority remains serving our customers, stakeholders and taking care of our team members.

As we look forward and we adapt ourselves to different restrictions imposed by local government bodies to contain the further spread of Covid-19, we appreciate your patience in the coming days and weeks. We are confident that, together, we will find appropriate solutions to keep our customer and investor relations intact and our teams safe. Our goal is to have the least possible impact on the Mogo’s business to position ourselves at the forefront of competition in the post-restrictions period. 

Our mission of providing the most convenient solution to solve mobility needs remains unchanged. Our business model is based on solving basic human necessities and thus ensures a long term relationship with our customers. This is the fundament that is stable as many short term disruption come and go.  

Our Group has been taking a number of practical actions designed to reduce the risk of Covid-19 having material long term impact on our business and they will continue until further notice:

People

• Our people are equipped with the latest resources to work remotely and we have put in place arrangements for large scale remote working, which are being executed in many of our offices around the world
• International business travel is not permitted
• Employees who themselves, or a person close to them, has travelled abroad have to self-quarantine for 14 days and are not permitted to come to the office
• We act in accordance with all government regulations and recommendations across our jurisdictions

Customers

• Our customer serving branches remain open up to the extent possible 
• We keep close contact with all our customers and proactively address any payment questions
• Debt collection is our core focus area and together with our clients we aim to find the most optimal debt repayment strategies
• We have always ensured that in every market we operate we have many alternative payment options for customers to make their monthly payments
• We comply with all local regulators’ binding requests

Operations

• We have made more stringent risk levels for the customers
• We have selectively decreased loan to value ratios and loan maximum amounts, as well as reconsidered geographical focus 
• We are limiting any marketing as we see continue to limit loans issued to build sufficient liquidity buffer
• We are limiting any new market or product research activities until further notice
• All business non-essential cost is being reduced and capital expenditure initiatives are being put on hold
• We remain cost cautious and ready to react immediately to the changing operational environment

Funding commitments  

• We are strongly committed to continuing to serve our obligations towards bondholders, Mintos investors and other lenders
• Our predominantly long-term funding mix provides us with robust diversified funding base
• Our shareholders remain committed to the Mogo with more than EUR 30m of equity (including subordinated loans) invested in the business 

Thank you for your continued support, and we wish you and those close to you the best in health and wellness.