Mogo, a digital payments and financial technology company empowering the next generation of consumers, announced the closing of its acquisition of Carta Solutions Holding Corporation (“Carta”), a leader in providing next-gen digital payments solutions. The acquisition was previously disclosed in a press release on November 17, 2020.
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. Founded in 2007, Carta’s management team has decades of payments and technology industry experience. Carta is currently operating in Europe, Asia and Canada and recently expanded into the U.S. market. Carta’s executive team will continue to run the operations as part of Mogo.
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The combination is expected to:
- Significantly expand Mogo’s total addressable market by entering the global $2.5 trillion global payments market;
- Increase Mogo’s 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.
“We look forward to 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,” said David Feller, Chief Executive Officer of Mogo.
“This transformational transaction further enhances Mogo’s position as one of Canada’s leading fintech companies, accelerates the growth of our subscription & transaction-based revenue, and expands Mogo’s addressable market into the $2.5 trillion global payments business,” added Greg Feller, President of Mogo.
Peter Kaju, CEO of Carta, commented: “We’re excited to complete this transaction and join Mogo’s strong and well-established fintech platform. Our pipeline is growing, driven by the adoption of next-gen payments programs globally, and we see tremendous opportunity to accelerate growth with the added resources and scale Mogo provides.”
