Carta has announced that its payments volume for 2023 reached $9.9bn. This figures shows a 36% increase over the prior year. Carta is a global digital payments business owned and operated independently by Mogo.

The company provides technology and services that enable financial technology companies, banks, and corporations to issue payment products to consumers via multiple channels, including physical, virtual and tokenised cards, as well as payment switching and routing services. Carta was founded in 2008 with a vision to build a modern issuer processing platform that could enable innovators around the globe to deploy a new wave of payment products.

The Carta platform provides the infrastructure to help fintech and payments businesses build and manage their payment systems, and it supports prepaid, debit, and credit card issuer processing. The company is certified as a Visa and Mastercard processor with active card programs in over 35 countries.

Greg Feller, President & CFO of Mogo Inc, was positive about the announcement. He said: “Carta’s growth in 2023 was driven by continued expansion in its core European payments business. We believe the strong momentum in 2023 along with the substantial investment in Carta’s platform during the year, including the previously announced migration to Oracle Cloud Infrastructure, position the business for long-term growth in the $2.2trn global payments market.”

Mogo first announced its intentions to purchase Carta in 2020, before being given the official go ahead to make the purchase at the start of 2021.

With more than 2 million members and $9.9bn in annual payments volume, Mogo is disrupting the Canadian wealth industry with simple digital solutions to help members dramatically improve their path to wealth-creation and financial freedom. Mogo also offers a payments platform that powers the next-generation card programs from innovative fintech companies in Europe and Canada.

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By GlobalData