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Migration to OCI will support scaling of Mogo's disruptive wealth offerings to Canadians
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) ("Mogo" or the "Company"), one of Canada's leading financial technology companies, today announced that it has selected Oracle Cloud Infrastructure ("OCI") to accelerate innovation and support the long-term growth of the Company's digital wealth platform.
Mogo is empowering its more than 2 million members with simple digital solutions to help them build wealth and achieve financial freedom. Mogo's digital wealth platform includes MogoTrade, which offers Canadians a simple and low-cost way to invest, and Moka, which brings automated, fully-managed, flat-fee investing to Canadians.
As Mogo pursues growth in its core markets while competing as a low-cost provider, the Company is highly focused on operational efficiency and profitability. Migrating to OCI will help Mogo modernize its infrastructure while reducing costs, and Mogo will also be better equipped to build and deploy new products and enhance its platform, including leveraging new applications of AI.
"Our vision is to get millions of Canadians on a path to financial freedom by giving them low-cost digital solutions that make it easy to invest and grow their wealth while making a positive impact with every investment," said David Feller, founder and CEO, Mogo. "As we grow our wealth platform, we wanted a cloud partner that will help us maximize innovation while lowering our total infrastructure costs. OCI offers the right combination of performance and price to support our goals."
"In the highly competitive financial services industry, organizations need to streamline the delivery of new products and services as cost-effectively as possible," said Chris Markopoulos, Group Vice President at Oracle. "By migrating to OCI, Mogo will be able to leverage a highly scalable cloud infrastructure that helps reduce time-to-market for new offerings across Mogo's digital wealth platform. With OCI, Mogo can achieve the double benefit of accelerating innovation while reducing costs."
