Vancouver's Mogo is buying Toronto-based digital payments outfit Carta Worldwide in an all share deal worth C$24.2 million.
Founded in 2007, Carta has built an issuing platform that powers over 100 card programmes around the world, with TransferWise, Sodexo and Payfare among its clients. The firm has 70 employees and reported C$8.5 million in revenue in 2019.
Mogo says the deal gives it an entrance into the $2.5 trillion global digital payments market. Carta’s transaction processing technology will be integrated with the MogoSpend product and a soon-to-be-launched mobile P2P payments offering.
David Feller, CEO, Mogo, says: “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.”
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