Mogo Announces Multi-Year Deal with Oracle Cloud Infrastructure to Accelerate Growth of its Digital Wealth Platform
Mogo Inc., a leading financial technology company in Canada, has announced its selection of Oracle Cloud Infrastructure (OCI) to drive innovation and support the long-term growth of its digital wealth platform. With over 2 million members, Mogo aims to provide simple digital solutions to help Canadians build wealth and achieve financial freedom.
The company’s digital wealth platform includes MogoTrade, which offers a low-cost and user-friendly way for Canadians to invest, and Moka, an automated and fully-managed flat-fee investing service. As Mogo focuses on operational efficiency and profitability, migrating to OCI will enable the company to modernize its infrastructure, reduce costs, and enhance its platform.
By leveraging OCI, Mogo will be able to build and deploy new products more efficiently, while also exploring the application of artificial intelligence (AI) to further enhance its offerings. The scalability and cost-effectiveness of OCI will allow Mogo to accelerate innovation and reduce time-to-market for new offerings across its digital wealth platform.
David Feller, the founder and CEO of Mogo, expressed the company’s vision of helping millions of Canadians achieve financial freedom through low-cost digital solutions. He highlighted OCI as the ideal cloud partner to support their goals by maximizing innovation and lowering infrastructure costs.
Chris Markopoulos, Group Vice President at Oracle, emphasized the importance of streamlining the delivery of new financial products and services in the highly competitive industry. He stated that OCI would provide Mogo with a highly scalable cloud infrastructure, enabling the company to accelerate innovation while reducing costs.
Mogo is one of Canada’s leading digital finance companies, offering a range of services including commission-free stock trading through MogoTrade and automated flat-fee investing through Moka. The company also provides digital loans, mortgages, and a digital payments platform through its subsidiary, Carta Worldwide.
With this strategic move to OCI, Mogo is poised to scale its disruptive wealth offerings and continue empowering Canadians to build wealth and achieve financial freedom. The company’s commitment to innovation and operational efficiency, coupled with the capabilities of OCI, positions Mogo for long-term growth and success in the financial technology sector.