FinTech Mogo Enters US Digital Payments Via Carta Subsidiary

Digital payments and FinTech company Mogo has announced that its subsidiary, Carta Worldwide, will be expanding into the U.S., according to a press release.

Carta plans to begin introducing new card products, including one to help quickly disburse both virtual and physical cards, the release stated.

Another will help to simplify and boost expansion overseas, which the release noted will help companies scaling new products. It will be available in Europe, Latin America, Canada and Asia-Pacific (APAC).

The third will allow for multicurrency provisions, including crypto, according to the release. Carta’s platform will let users take advantage of the company’s ability to power multicurrency card products, along with new ways to support cryptocurrency.

Mogo President Greg Feller said in the release that Carta’s expansion represents “a very significant milestone for Carta as it builds its presence in the massive and rapidly growing global market for next-gen payments programs.”

“Bolstered by these industry tailwinds and its robust platform, which is ideally suited for digital payments innovators, the company is seeing its pipeline expand and is positioned for accelerating growth,” he added in the release.

Mogo agreed to buy Carta late last year, PYMNTS reported. The purchase was a bid for Mogo to enter the B2B payments market. Mogo gained the ability to use Carta’s modern issuing platform, which powers card programs and gives processing technology to companies. The acquisition gave Mogo better revenue scale, diversification and the potential to debut a new peer-to-peer (P2P) card.

In addition, the two companies combined reach over 40 countries, and Carta gained access to Mogo’s front-end mobile platform for its own clients.

Mogo Founder and CEO David Feller said at the time that the merger would “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.”