The deal expands Mogo’s wealth offerings to include saving and investing offerings. Credit: Gilles Lambert on Unsplash.

Canadian fintech company Mogo has concluded the acquisition of local saving and investing app Moka Financial Technologies, bringing its total members to about 1.6 million.

The all-stock transaction was first announced by the companies in March this year.

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Moka manages $250m in assets and holds registered portfolio management capabilities throughout Canada and in Europe. The deal expands Mogo’s wealth offerings to include saving and investing offerings.

In addition, the acquisition will accelerate Mogo’s plan to roll out a free stock trading solution for Canadians later this year.

This solution is expected to further fortify the fintech’s position as one of the most comprehensive digital wallets in Canada.

Mogo founder and CEO David Feller noted that the deal accelerates the company’s expansion in the $4 trillion wealth management industry in Canada.

Feller added: “By adding Moka’s digital saving and investing products, technology platform and experienced fintech team, we move forward with one of the most compelling and differentiated value propositions in Canadian finance.”

Speaking on the deal, Moka founder and CEO Philip Barrar added: “We’re excited to complete this transaction and begin collaborating with the Mogo team.

“Both organizations share a passion for building great digital products to improve the financial well-being of our members, and collectively we form Canada’s leading fintech team with deep capabilities in digital saving and investing, lending, and cryptocurrency.”

As part of the transaction, Barrar will be become part of Mogo’s leadership team in the newly created role of chief innovation officer.

Additionally, Moka chairman Liam Cheung is expected to join Mogo’s board of directors following Mogo’s next annual general meeting.

Cheung is a financial services entrepreneur and executive with over 25 years of experience.