Agreement will accelerate Carta’s vision to become one of the leading low-cost, next-generation payments platform in Europe and Canada
Toronto, Ontario, October 19, 2023 – Carta Worldwide Inc. (“Carta”), an advanced card issuance platform owned and operated independently by Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), today announced that it has selected Oracle Cloud Infrastructure (“OCI”) to accelerate innovation and support future growth.
Carta is a digital payments platform that powers next-generation card programs for both established global corporations and innovative fintech companies in Europe and Canada. The Carta platform provides the infrastructure to help fintech and payments businesses build and manage their payment systems, and it supports prepaid, debit, and credit card issuer processing. Carta is certified as a Visa and MasterCard processor with active card programs in over 35 countries. In the second quarter of 2023, Carta’s payments volume was up over 50% year over year to $2.5 billion.
As Carta continues to grow, migrating to OCI will help the company maintain operational efficiency and provide multiple benefits to the business, including higher availability, scale, agility, and velocity to support significant increases in payments volume and new clients; improved application deployment; and enhanced business insights to enable better forecasting. OCI also provides Carta the flexibility to leverage multiple Oracle Cloud regions across the globe.
“We believe Carta is well positioned for long-term growth in the massive global payments market,” said Greg Feller, President, Mogo. “With our migration to OCI, Carta will be better positioned to scale its business and achieve its vision to become one of the leading low-cost payments platforms in Europe and Canada.”
“As financial services organizations continue to diversify their products and services to gain a competitive advantage, they need infrastructure that can support rapid customer growth and help drive operational efficiency,” said Chris Markopoulos, Group Vice President at Oracle. “The high performance and scalability of OCI will help Carta accelerate the growth of its customer base across Europe and Canada, and the ability to leverage Oracle’s global cloud regions will provide Carta with significant flexibility to boost innovation and efficiency across its business.”
About Carta Worldwide
Carta, owned by Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) and operated independently, is a digital payments software company which provides technology and services that enable financial technology companies, banks, and corporations to issue payment products to consumers via multiple channels, including physical, virtual and tokenized cards, as well as payment switching and routing services. Carta was founded in 2008 with a vision to build a modern issuer processing platform that could enable innovators around the globe to deploy a new wave of payment products. The Carta platform provides the infrastructure to help fintech and payments business build and manage their payment systems, and it supports prepaid, debit, and credit card issuer processing. Carta is certified as Visa and MasterCard processor with active card programs in over 35 countries, and annual transaction volume runrate of more than $10 billion.
This news release may contain “forward-looking statements” within the meaning of applicable securities legislation, including statements regarding the agreement with OCI and expectations that the agreement will allow Carta to accelerate innovation, support long-term growth including significant increases in payments volume and help maintain operational efficiency. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the time of preparation, are inherently subject to significant business, economic and competitive uncertainties and contingencies, and may prove to be incorrect. Forward-looking statements are typically identified by words such as "may", "will", "could", "would", "anticipate", "believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Carta’s growth, its ability to expand into new products and markets and its expectations for its future financial performance are subject to a number of conditions, many of which are outside of the Company’s control. For a description of the risks associated with the Company’s business please refer to the “Risk Factors” section of Mogo Inc’s current annual information form, which is available at www.sedarplus.com and www.sec.gov. Except as required by law, Mogo Inc disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
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