Mogo, a digital wealth and payments business, has announced that it has expanded its relationship with Snowflake, a data company. Building on a multi-year relationship, Mogo will use Snowflake Data Cloud as the foundation for its Wealth products, greatly increasing the Company’s processing time and efficiency and, over time, allowing for the deployment of new Artificial Intelligence applications to help everyday consumers invest better, build wealth and achieve financial freedom.

Mogo includes a commission-free stock trading app

David Feller, Mogo’s Founder and CEO, said: “It’s clear that AI will be among the most transformative technologies we have ever seen and the impact it will have in the wealth industry will be significant especially for the next generation of investors. The expanded use of AI ties to our objective to build the ultimate wealth-building platform for Canadians, which have trillions invested in the traditional wealth management space, yet the vast majority are not close to being on track for retirement because of underperforming, high-fee products. We are at the early innings on how AI will reshape the investing landscape and Mogo intends to be on the leading edge of leveraging AI to help Canadians, especially Gen Z, who have a 50+ year time horizon to benefit from these advancements.”

“As we continue to build a highly scalable technology platform that can support millions of new members over time, Snowflake’s powerful and secure Data Cloud offering will enable us to unlock further efficiencies and increase performance at the same time.”

Mogo’s digital wealth platform includes Mogo, a commission-free stock trading app that helps users thoughtfully invest based on a Warren Buffett approach to long-term investing, and Moka, which offers Canadians a real alternative to mutual funds and wealth managers that overcharge and underperform with a fully managed investing solution based on the proven outperformance of an S&P 500 strategy at a fraction of the cost.

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By GlobalData