Benzinga | Feb 18, 2021 10:35AM EST

Mogo Forays Into $500B US Payment Market Via Subsidiary Carta

* Mogo Inc. (NASDAQ: MOGO) announced the U.S. expansion of its modern card issuing subsidiary, Carta Worldwide, to tap the $500 billion North American payment market.

* Carta will begin positioning innovative card products for its initial group of clients in the first quarter of 2021, followed by its customer base of banks and fintech companies in the coming quarters.

* Carta's modern open-API issuer platform is powering global innovative fintech companies encompassing over 100 card programs and vital processing technology to players, including TransferWise, Sodexo SA (OTC: SDXAY), and Payfare.

* It was presently operating in Europe, APAC, Latin America, and Canada.

* Carta's offering includes multi-currency (Including crypto) innovations.

* Price action: MOGO shares were down 10.8% at $9.80 on the last check Thursday.