Carta Worldwide Announces Multi-Year Deal with Oracle Cloud Infrastructure to Drive Innovation & Growth
October 19 2023 - 7:59AM
Business Wire
Agreement will accelerate Carta’s vision to
become one of the leading low-cost, next-generation payments
platform in Europe and Canada
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.
Forward-Looking Statements
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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version on businesswire.com: https://www.businesswire.com/news/home/20231019263828/en/
For further information: Craig Armitage Investor
Relations investors@mogo.ca (416) 347-8954 US Investor Relations
Contact Lytham Partners, LLC Ben Shamsian New York | Phoenix
shamsian@lythampartners.com (646) 829-9701
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