Mogo Inc. (NASDAQ: MOGO; TSX: MOGO) (“Mogo” or the “Company”), a digital payments and financial technology company empowering the next generation of consumers with innovative financial products including buying and selling of Bitcoin through its mobile app, is pleased to announce that Mogo shareholders and Carta securityholders, at separate meetings held on January 15, 2021, voted to approve the acquisition of Carta Solutions Holding Corporation (“Carta”) by Mogo pursuant to a plan of arrangement under section 192 of the Canada Business Corporations Act (the “Transaction”).
“We are pleased to have the overwhelming support of shareholders for this transformative transaction,” said David Feller, Chief Executive Officer of Mogo. “We look forward to completing the acquisition later this month and working with the Carta team to take advantage of the massive opportunity in front of us created by the accelerating shift to digital for financial services.”
Carta’s next-generation digital payments 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 in Europe and North America.
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The Transaction is expected to:
- significantly expand Mogo’s total addressable market by entering the global $2.5 trillion global payments market;
- increase revenue scale and accelerate the growth of its high-margin subscription and transaction-based revenue; and
- strengthen the Company’s digital wallet capabilities which includes the development of its peer-to-peer payment solution planned for 2021.
Completion of the Transaction remains conditional upon approval of the Ontario Superior Court of Justice (the “Court”) and certain other customary closing conditions. The application for the final order from the Court is scheduled to be heard on January 18, 2021. Assuming that all conditions to closing of the Transaction are satisfied or waived, the Transaction is expected to be completed on or about January 25, 2021.
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