Mogo Inc, a digital wealth and payments business, announced that it has expanded its relationship with Snowflake, the Data Cloud 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 (AI) applications to help everyday consumers invest better, build wealth and achieve financial freedom.
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.
“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,” said David Feller, Mogo’s Founder and CEO. “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.”
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Mr. Feller added: “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 Inc. is a digital wealth and payments company headquartered in Vancouver, Canada with more than 2 million members, $9.9B in annual payments volume and a ~13% equity stake in Canada’s leading Crypto Exchange WonderFi. Mogo offers simple digital solutions to help its members dramatically improve their path to wealth-creation and financial freedom. MOGO offers commission-free stock trading that helps users thoughtfully invest based on a Warren Buffett approach to long-term investing – while also making a positive impact with every investment. Moka 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, and at a fraction of the cost. Through its wholly owned digital payments subsidiary, Carta Worldwide, Mogo also offers a low-cost payments platform that powers next-generation card programs for companies across Europe and Canada. The Company, which was founded in 2003, has approximately 200 employees across its offices in Vancouver, Toronto, London & Casablanca.
SOURCE: Businesswire