Carta Worldwide Announces Multi-Year Deal with Oracle Cloud Infrastructure to Drive Innovation & Growth

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.”