Mogo Finance Technology Inc., a Canadian digital finance company, announced that it has finalized a new senior secured credit facility of up to $40 million from funds managed by affiliates of Fortress Investment Group LLC. The new credit facility will be used to repay and replace Mogo's existing $30 million facility with Fortress. This new credit facility, which has a lower effective interest rate and extends the maturity date by two years to July 2, 2020, will primarily be used to fund the Company's high yielding line of credit products. The new facility is in addition to the Company's existing $50 million Fortress facility (Credit Facility – Liquid), which has an initial interest rate of 9.5% and can be expanded, under certain conditions, up to $200 million.

"Fortress continues to be an excellent partner as we grow our high yielding loan portfolio alongside the ramp of our new fee-based products," said Greg Feller, President & CFO of Mogo. "This new facility increases our available loan capital on more favourable terms and extends the maturities of all of our funding facilities to 2020."

"We are excited to continue to expand our relationship with Mogo, which we see as one of the most innovative financial technology companies in North America," said Dominick Ruggiero, Managing Director at Fortress and co-Chief Investment Officer of the Fortress Secured Lending Fund.

The new facility will have an effective interest rate of 14.5% (based on an initial credit facility interest rate of an adjusted LIBOR plus 12.5% with a LIBOR floor of 2%). If the new facility is increased beyond $40 million, the incremental portion of the facility will have an effective rate of 13% (based on today's adjusted LIBOR plus 11% with a LIBOR floor of 2%). The full terms of the new facility will be filed on www.sedar.com.