MOGO - Mogo rallies on Carta Solutions acquisition foraying into fintech market

Mogo (MOGO) +21.5% PM, inked a definitive agreement to acquire Carta Solutions Holding (also known as Carta Worldwide) in an all-stock transaction through a plan of arrangement; 100% of Carta's outstanding shares in exchange for the issuance of 10M shares equivalent to $24.2M.Post the acquisition, Canada's largest vertically integrated fintech companies will be created; significantly expanding the company's addressable market by entering into the $2.5T global digital payments market.Currently operating in Europe, Carta generated ~$8.5M in revenue in 2019; 85% of which was from international markets outside of Canada."By using Carta's payment processing engine, we expect to enhance Mogo’s digital wallet capabilities which includes the development of our upcoming peer-to-peer payment solution, and – when combined with our digital front-end capabilities – we see great opportunity to power the next generation of platforms globally," founder & CEO David Feller commented.

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Mogo rallies on Carta Solutions acquisition foraying into fintech market