Mogo (MOGO.T) completed its acquisition of digital payments solutions provider, Carta Solutions Holdings, today, according to a press release.
Carta’s platform helps run fintech companies and products around the world, including over 100 card programs. They also provide processing technology to companies such as TransferWise, Sodexo, Payfare and others.
“This transformational transaction further enhances Mogo’s position as one of Canada’s leading fintech companies, accelerates the growth of our subscription & transaction-based revenue, and expands Mogo’s addressable market into the $2.5 trillion global payments business,” said Greg Feller, president of Mogo.
Mogo is a fintech company with a finance application that touts itself as granting the ability to help customers get back in control of their financial health while being mindful of their impact on society and the environment. Users can sign up for a free account in under five minutes and learn the four habits of financial health while getting convenient access to products that will help them achieve their financial goals.
The Carta acquisition brings with them a management team with decades of experience in the payments and technology industry, and a footprint stretching across Europe, Asia and Canada, and most recently into the United States market. The merger is expected to boost Mogo’s fortunes through their entry of the $2.5 trillion global payments market, as well as increasing their revenue scale and enhancing the growth of their subscription and transaction-based revenue.
So far today shares dipped $0.32 and are presently trading at $5.16. The chart looks like investors have made the smart choice of skimming some profits after Mogo’s three month incline since their October lows in the $1.60 range.