Mogo Agrees Deal with Oracle To Promote Digital Wealth Platform By CIOTechOutlook Team

Mogo Agrees Deal with Oracle To Promote Digital Wealth Platform

CIOTechOutlook Team | Wednesday, 11 October 2023, 09:09 IST

Mogo Inc announced a partnership with Oracle Cloud Infrastructure to accelerate innovation and support the Company's digital wealth platform's long-term growth. Mogo provides easy digital solutions to its more than 2 million users to help people grow money and attain financial freedom. Mogo's digital wealth platform comprises MogoTrade, which provides Canadians with an easy and low-cost option to invest, and Moka, which provides Canadians with automated, fully-managed, flat-fee investing.

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, as per business wire.

“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.”