Mogo announces partnership with LendingClub Bank
In focus to expand outside its nation, companies are choosing partnerships or acquisitions in order to expand and set their presence in that particular region or country.
This week, Vancouver-based financial technology company, Mogo has announced a partnership with LendingClub Bank through its wholly-owned payments platform Carta Worldwide. Under this partnership, the former will help LendingClub Bank with ‘advanced debit card product offering and help businesses rapidly deploy next-generation digital banking solutions’.
The press note stated that ‘LendingClub Bank is 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’ and has assets worth $2.3 billion.
Founded in 2006 with an aim to transform the banking sector according to the company’s SEC filings, LendingClub acquired Radius Bancorp Inc in 2021 to become a bank holding company. It provides with peer to peer lending services to its clients.
Carta Worldwide, which was acquired by Mogo at the start of this year to enter into the B2B payments space enables fintechs and banking organisations to ‘create and deploy virtual and physical card products backed by best in class issuing and processing capabilities’.
The company says that it has a robust suite of APIs that offers ‘flexibility for clients to rapidly deploy innovative card programs and deliver enhanced product features including advanced authorization and spend controls, and extensive program configurability’.
The company has clients such as TransferWise, Sodexo, Payfare, Brightside, the press note stated.