Canadian fintech Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) announced on Tuesday it has reached a definitive agreement to acquire Carta Solutions Holding Corporation, also known as Carta Worldwide. According to Mogo, Carta is a next-gen digital payments solution and through the acquisition, Mogo will be expanding into the global B2B fintech market.
“Carta’s modern issuing 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.”
While sharing details about the acquisition, David Feller, Mogo’s Founder and CEO, stated:
“By using Carta’s payment processing engine, we expect to enhance Mogo’s digital wallet capabilities which includes the development of our upcoming peer-to-peer payment solution, and – when combined with our digital front-end capabilities – we see great opportunity to power the next generation of platforms globally.”
Peter Kaju, CEO of Carta, added:
“We’re excited to be combining with one of the pioneers in fintech and a leader in Canada. We see tremendous opportunity to accelerate the growth of our respective businesses by combining resources and capabilities.”
Founded in 2003, Mogo describes itself as a digital challenger to the banks in Canada, empowering consumers with simple solutions to help them manage and control their finances.
“The platform has been engineered to deliver a best-in-class digital experience, with best-in-class financial products all through one account. With more than 1,000,000 members and a marketing partnership with Canada’s largest news media company, Mogo continues to execute on its vision of becoming the go-to financial app for the next generation of Canadians.”