Mogo’s payments platform Carta Worldwide partners with LendingClub Bank

By Pavithra R

Mogo, a FinTech company, offering customers solutions to manage and control their finances through its mobile app, has announced that its wholly-owned payments platform, Carta Worldwide, a modern card issuing platform, is extending its U.S. market deployment with an expanded debit card issuance service offering for fintech “challenger” banks.

Carta has partnered with LendingClub Bank to power the new advanced debit card product offering and help businesses rapidly deploy next-generation digital banking solutions.

Founded in 2006, LendingClub aims to transform the banking system to make credit more affordable and investing more rewarding. Carta debit card issuance is being enabled in collaboration with LendingClub Bank. The firm touts to be the first digital marketplace bank in the U.S. providing a full complement of accounts and services to meet the banking needs of consumers and businesses nationwide. With assets of approximately $2.3 bn, LendingClub Bank provides the product depth of a national brand, the technology of a fintech, and the personalized attention typically reserved for a local bank to consumers, SMBs, unions, government entities and non-profit organizations.

“LendingClub Bank is widely recognized as an innovator and fintech pioneer, and they have a broad and growing base of business customers across the U.S., which make them a great first partner as we expand into the U.S. market,” said Greg Feller, President of Mogo.

Founded in 2003, Mogo is a digital challenger to the banks in Canada, empowering consumers with simple solutions to help them manage and control their finances. Recently, the firm entered the Canadian wealth management industry with acquisition of Moka. Mogo’s wholly-owned payments platform, Carta Worldwide, also offers a digital payments platform that powers the next-generation card programs from fintech companies in Europe, North America and APAC.