Mogo’s Payments Platform Announces Partnership with LendingClub Bank

Rhea-AI Summary

Mogo Inc. (NASDAQ:MOGO) announced an expansion of its Carta Worldwide payments platform in the U.S., enhancing its debit card issuance services for fintech challenger banks. Partnering with LendingClub Bank, Mogo aims to provide advanced debit card products that facilitate rapid deployment of digital banking solutions. With LendingClub Bank's assets around $2.3 billion, the partnership is set to leverage its broad customer base and innovative services. Carta's platform offers robust APIs for flexible card program deployment, aiming to meet evolving fintech needs across multiple regions.

Positive

• Expansion of Carta's debit card issuance in the U.S. market.
• Partnership with LendingClub Bank, enhancing product offerings.
• Carta provides advanced technology for flexible card programs.
• Successful track record with leading fintechs globally.

Negative

• None.

Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a digital payments and financial technology company, today announced that its wholly owned payments platform, Carta Worldwide (“Carta”), a modern card issuing platform, is extending their US market deployment with an expanded debit card issuance service offering for fintech “challenger” banks. Carta has partnered with LendingClub Bank, National Association (“LendingClub Bank”), to power the new advanced debit card product offering and help businesses rapidly deploy next-generation digital banking solutions.

Carta debit card issuance is being enabled in partnership with LendingClub Bank. LendingClub Bank is the first digital marketplace bank in the U.S. providing a full complement of accounts and services to meet the banking needs of consumers and businesses nationwide. With assets of approximately $2.3 billion, LendingClub Bank provides the product depth of a national brand, the technology of a fintech, and the personalized attention typically reserved for a local bank to consumers, small and middle market businesses, unions, government entities and non-profit organizations.

“LendingClub Bank is widely recognized as an innovator and fintech pioneer, and they have a broad and growing base of business customers across the U.S., which make them a great first partner as we expand into the U.S. market,” said Greg Feller, President of Mogo.

Carta enables fintech and banking organizations to quickly create and deploy virtual and physical card products backed by best in class issuing and processing capabilities. Carta’s modern card issuing platform is architected for the complex needs of the evolving fintech and embedded finance market. The platform and robust suite of APIs offers flexibility for clients to rapidly deploy innovative card programs and deliver enhanced product features including advanced authorization and spend controls, and extensive program configurability. Carta has a proven track-record of enabling leading fintechs around the globe including TransferWise, Sodexo, Payfare, Brightside and others. Carta will be bringing into the U.S. a fintech debit card offering that has driven innovative banking products in over 40 countries around the globe.

About Mogo

Mogo is empowering its more than one million members with simple digital solutions to help them get in control of their financial health. Through the Mogo app, consumers can access a digital spending account with Mogo Visa* Platinum Prepaid Card featuring automatic carbon offsetting, easily buy and sell bitcoin, and get free monthly credit score monitoring, ID fraud protection, and personal loans. Mogo’s wholly-owned payments platform, Carta Worldwide, also offers a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe, North America and APAC. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).

View source version on businesswire.com: https://www.businesswire.com/news/home/20210408005497/en/

FAQ

What is Mogo's recent announcement regarding Carta Worldwide?

Mogo announced an expansion of its Carta Worldwide payments platform in the U.S., enhancing debit card issuance for fintech challenger banks.

Who has Mogo partnered with for the new debit card services?

Mogo has partnered with LendingClub Bank to offer advanced debit card products.

What are the benefits of the Carta platform for fintechs?

The Carta platform enables fintechs to deploy virtual and physical card products quickly, offering advanced authorization and spend controls.

How does Mogo's partnership with LendingClub Bank impact its business?

The partnership is expected to leverage LendingClub Bank's broad customer base, enhancing Mogo's product offering in the U.S. market.

What markets are being targeted by Mogo's Carta platform?

Mogo's Carta platform targets fintechs in North America, Europe, and APAC.