Mogo’s Digital Payments Subsidiary Carta Worldwide Reports 23% Increase in Quarterly Transaction Volume to Record $3.0 Billion

Rhea-AI Summary

Carta Worldwide, a digital payment solutions subsidiary of Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), reported processing nearly $3.0 billion in payment volume during Q3 2024, marking a 23% increase from Q3 2023. The company's payment volume now runs at an annual rate of $12 billion, driven by expansion with major European customers. Mogo has been investing in Carta's technology platform, positioning it for growth in the global payments market.

Positive

• Record quarterly transaction volume of $3.0 billion
• 23% year-over-year growth in payment processing volume
• $12 billion annual payment volume run rate
• Expansion with large European customers

Negative

• None.

Insights

Financial Analyst

The 23% year-over-year growth in Carta's payment processing volume to $3.0 billion demonstrates robust expansion in Mogo's digital payments subsidiary. With an annual run rate of $12 billion, this growth trajectory signals strong market penetration, particularly in the European market. The strategic technology investments position Carta for continued scaling in the global payments space, which is important given MOGO's relatively small market cap of $30.8 million. While the volume growth is impressive, investors should note that actual revenue and profitability metrics weren't disclosed, making it difficult to fully assess the financial impact. The focus on European expansion provides geographical diversification but also exposes the company to currency fluctuation risks and regional economic challenges.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Carta Worldwide (“Carta”), a global digital payment solutions business owned and operated independently by Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), today announced that it processed just under $3.0 billion of payment volume in Q3 2024, an increase of 23% compared to Q3 2023.

“Carta had another strong quarter and their payment volume is now on an annual run rate of $12 billion as they continue to expand with a number of large European customers,” said Greg Feller, President & CFO of Mogo Inc. “We've been investing in Carta's technology platform in the last year, giving us even more confidence in the long-term prospects of this business in the large global payments market.”

About Carta Worldwide

Carta 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.

About Mogo

Mogo Inc. (NASDAQ:MOGO; TSX:MOGO) is a digital wealth and payments company headquartered in Vancouver, Canada with more than 2 million members, $12.0B in annual payments volume and a ~13% equity stake in Canada’s leading Crypto Exchange WonderFi (TSX:WNDR). Mogo offers simple digital solutions to help its members dramatically improve their path to wealth-creation and financial freedom. MOGO offers commission-free stock trading that helps users thoughtfully invest based on a Warren Buffett approach to long-term investing – while also making a positive impact with every investment. Moka offers Canadians a real alternative to mutual funds and wealth managers that overcharge and underperform with a fully managed investing solution based on the proven outperformance of an S&P 500 strategy, and at a fraction of the cost. Through its wholly owned digital payments subsidiary, Carta Worldwide, Mogo also offers a low-cost payments platform that powers next-generation card programs for companies across Europe and Canada. The Company, which was founded in 2003, has approximately 200 employees across its offices in Vancouver, Toronto, London & Casablanca.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241112896501/en/

For further information:

Investor Relations

investors@mogo.ca

US Investor Relations Contact

Lytham Partners, LLC

Ben Shamsian

New York | Phoenix

shamsian@lythampartners.com

(646) 829-9701

Source: Mogo Inc.

FAQ

What was Carta Worldwide's Q3 2024 transaction volume?

Carta Worldwide processed nearly $3.0 billion in payment volume during Q3 2024.

How much did Mogo's Carta Worldwide transaction volume grow in Q3 2024?

Carta Worldwide's transaction volume grew by 23% compared to Q3 2023.

What is Carta Worldwide's annual payment volume run rate as of Q3 2024?

Carta Worldwide's payment volume is running at an annual rate of $12 billion.

Which markets is MOGO's Carta Worldwide expanding into?

Carta Worldwide is expanding with several large European customers.