Mogo, LendingClub Bank Partner On Debit Card Issuance

Canadian digital payment FinTech Mogo has announced that Carta Worldwide, its payments platform, will be partnering with U.S.-based LendingClub Bank to help power a debit card issuance for challenger banks, according to a press release.

The partnership will focus on assisting businesses in rapidly deploying next-generation digital banking solutions, the release stated.

LendingClub Bank is the first digital bank in the U.S. that provides a full slate of accounts and services to meet banking needs, both for consumers and businesses nationwide, according to the release.

It has around $2.3 billion in assets, which the release stated, “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 Mogo President Greg Feller in the release.

Carta lets FinTechs and banking organizations easily make and implement virtual and physical cards, with the platform made for the new digital age, including a “robust” suite of application programming interfaces (APIs), which can offer flexibility in allowing clients to speedily put out their card programs, the release stated. The programs will offer new features like advanced authorization, spend controls and program configurability.

PYMNTS reported in February that Mogo and Carta Worldwide would be expanding into the U.S.

Carta plans to focus on new products, including innovations to help quickly disburse virtual or physical cards. There will also be efforts to expand overseas in order to help companies in Europe, Latin America, Canada and Asia-Pacific (APAC) scale new products. Additionally, Carta’s platform will let users take advantage of multicurrency provisions, including crypto.