Vancouver-based FinTech company Mogo announced temporary layoffs affecting 30 percent of its staff, approximately 78 employees out of a total of around 260, as part of its response to the economic uncertainty caused by the COVID-19 pandemic. The decision, disclosed in late March 2020 alongside its 2019 financial report, aims to accelerate the company's shift to a capital-light model and achieve positive cash flow. Alongside the layoffs, Mogo is implementing organization-wide expense reductions, including compensation cuts for executives, and deferring growth investments in technology and marketing. The company, which provides digital financial services as a challenger to traditional banks, continues to support existing customers while pausing new on-balance-sheet loans to navigate the challenging economic environment.
