Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a digital payments and financial technology company, today announced that its wholly owned subsidiary, Carta Worldwide (“Carta”), a modern card issuing platform, is expanding into the U.S. – the world’s largest payments market. Carta will begin deploying innovative card products for its initial group of clients in Q1 2021 and expects to further expand its customer base of banks and fintech companies in the coming quarters.
Carta’s modern open-API issuer platform is the engine behind innovative fintech companies and products around the globe, powering over 100 card programs and providing vital processing technology to industry leaders, including TransferWise, Sodexo, Payfare, and others. Founded in 2007, Carta’s management team has decades of payments and technology industry experience. Carta is currently operating in Europe, APAC, Latin America, Canada and now in the U.S., which represents the largest portion of the US$500 billion1 North American payments market.
“This represents a very significant milestone for Carta as it builds its presence in the massive and rapidly growing global market for next-gen payments programs,” said Greg Feller, President of Mogo. “Bolstered by these industry tailwinds and its robust platform, which is ideally suited for digital payments innovators, the company is seeing its pipeline expand and is positioned for accelerating growth.”
Carta enables the issuance of virtual and physical cards to support innovative solutions for businesses that are looking to deploy payment products and embedded financial services. Its platform enables innovators to benefit from the following:
- Rapidly Deploy Virtual and Physical Cards: Fintechs, challenger banks and platforms can rapidly develop and deploy innovative solutions powered by Carta APIs.
- Simplify and accelerate international expansion: Adding U.S. market support means clients can simplify their international roadmap when launching and scaling new card programs, including support for Europe, Latin America, Canada and APAC.
- Enable Multi-Currency (Including Crypto) Innovations: Utilizing Carta’s global platform and Card Issuing APIs, clients can take advantage of Carta’s track-record of powering the world leading multi-currency card products, and take advantage of new innovations to support crypto currency.