Carta Worldwide Inc. has announced a multi-year deal with Oracle Cloud Infrastructure (OCI) to accelerate innovation and support its future growth.
Carta, the Mogo-owned firm, is focused on revolutionising the digital payments landscape, particularly in Europe and Canada, and is set to leverage OCI’s technology to do so.
The partnership with OCI is driven by Carta’s ambitious vision to become one of the primary low-cost payments platforms across Europe and Canada. By migrating to OCI, Carta aims to equip itself to scale efficiently and meet the growing demands of the global payments market.
Carta Worldwide is a digital payments platform with a robust track record of empowering next-generation card programs for a diverse clientele that includes established global corporations and innovative fintech companies in Europe and Canada.
Its platform serves as the foundation for FinTech and payments businesses to build and manage their payment systems, supporting prepaid, debit, and credit card issuer processing. The Canadian firm holds certifications as a Visa and MasterCard processor and actively operates card programs in more than 35 countries. In Q2 2023, Carta reported an impressive over 50% year-over-year increase in payments volume, reaching $2.5bn.
The deal is set to enhance operational efficiency, provide greater availability, scalability, agility, and velocity, which are crucial for supporting increased payments volume and attracting new clients. The move also improves application deployment and bolsters business insights for more accurate forecasting. Additionally, OCI offers the flexibility to utiliae multiple Oracle Cloud regions worldwide, strengthening Carta’s innovation and efficiency capabilities.
Greg Feller, President of Mogo, said, “We believe Carta is well positioned for long-term growth in the massive global payments market. With our migration to OCI, Carta will be better positioned to scale its business and achieve its vision to become one of the leading low-cost payments platforms in Europe and Canada.”
Chris Markopoulos, Group Vice President at Oracle, said, “As financial services organisations continue to diversify their products and services to gain a competitive advantage, they need infrastructure that can support rapid customer growth and help drive operational efficiency. The high performance and scalability of OCI will help Carta accelerate the growth of its customer base across Europe and Canada, and the ability to leverage Oracle’s global cloud regions will provide Carta with significant flexibility to boost innovation and efficiency across its business.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
