Mogo expands partnership with Snowflake

Thursday 8 February 2024 13:22 CET | News

Canada-based digital wealth and payments company Mogo has announced the expansion of its collaboration with Data Cloud firm Snowflake

As per the information detailed in the press release, the collaboration allows Mogo to leverage Snowflake Data Cloud as the foundation for its Wealth products. The move focuses on increasing the company’s processing time and efficiency, as well as enabling the deployment of new artificial intelligence (AI) applications to support consumers in investing, building wealth, and achieving financial freedom.

Canada-based digital wealth and payments company Mogo has announced the expansion of its collaboration with Data Cloud firm Snowflake.

Mogo – Snowflake collaboration objectives

Mogo’s digital wealth platform integrates Mogo, a commission-free stock trading app that supports users in investing based on a Warren Buffett approach to long-term investing. Furthermore, the platform includes Moka, which provides Canadians with an alternative to mutual funds and wealth managers that overcharge and underperform with a fully managed investing solution based on the outperformance at a decreased cost. According to Mogo’s officials, AI has the ability to assist the wealth industry and, by expanding its use, the company supports its objective to develop an improved wealth-building platform for Canadians. Furthermore, Mogo aims to eliminate the challenges in this sector, including high-fee products and underperformance. The company plans to leverage AI to help Canadians, especially younger generations, build their wealth and expand their investing abilities.

Moreover, representatives underlined that, as the company continues to develop a scalable technology platform, Mogo aims to support its existing and new members by using Snowflake’s secure Data Cloud offering. Snowflake’s solution is set to provide further efficiencies and increase performance at the same time. Currently, Mogo offers simplified digital solutions that assist its members in improving their journey to wealth-creation and financial freedom. Additionally, through its wholly owned subsidiary, Carta Worldwide, Mogo provides a payments platform that enables card programs for companies across Europe and Canada.

Mogo’s recent developments

In addition to expanding its collaboration with Snowflake, Mogo entered several partnerships to advance its development strategy, including one with Oracle in October 2023. The company selected the Oracle Cloud Infrastructure to accelerate the growth of its digital wealth platform. Mogo was set to use Oracle’s cloud solutions to optimise the development of its products and decrease the total infrastructure costs. Integrated into its digital wealth platform, the MogoTrade service, which was created to offer Canadian clients a simplified and low-cost method to investing. Moreover, as part of its work with Oracle, Mogo aimed to increase its overall operational efficiency and profitability. By migrating to the Oracle Cloud Infrastructure, the company planned to modernise its infrastructure and minimise cots, while having a set of equipment to develop and deploy new products and services. 

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Keywords: partnership, artificial intelligence, wealth management, financial services, digital banking
Categories: Banking & Fintech
Companies: Mogo, Snowflake
Countries: Canada
This article is part of category

Banking & Fintech




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