Mogo Expands Relationship with Snowflake to Incorporate AI Applications and Scale Digital Wealth Platform
07 Fevereiro 2024 - 10:05AM
Business Wire
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a
digital wealth and payments business, today announced that it has
expanded its relationship with Snowflake, the Data Cloud company.
Building on a multi-year relationship, Mogo will use Snowflake Data
Cloud as the foundation for its Wealth products, greatly increasing
the Company’s processing time and efficiency and, over time,
allowing for the deployment of new Artificial Intelligence (AI)
applications to help everyday consumers invest better, build wealth
and achieve financial freedom.
Mogo’s digital wealth platform includes Mogo, a commission-free
stock trading app that helps users thoughtfully invest based on a
Warren Buffett approach to long-term investing, and Moka, which
offers Canadians a real alternative to mutual funds and wealth
managers that overcharge and underperform with a fully managed
investing solution based on the proven outperformance of an S&P
500 strategy at a fraction of the cost.
“It’s clear that AI will be among the most transformative
technologies we have ever seen and the impact it will have in the
wealth industry will be significant especially for the next
generation of investors,” said David Feller, Mogo’s Founder and
CEO. “The expanded use of AI ties to our objective to build the
ultimate wealth-building platform for Canadians, which have
trillions invested in the traditional wealth management space, yet
the vast majority are not close to being on track for retirement
because of underperforming, high-fee products. We are at the early
innings on how AI will reshape the investing landscape and Mogo
intends to be on the leading edge of leveraging AI to help
Canadians, especially Gen Z, who have a 50+ year time horizon to
benefit from these advancements.”
Mr. Feller added: “As we continue to build a highly scalable
technology platform that can support millions of new members over
time, Snowflake’s powerful and secure Data Cloud offering will
enable us to unlock further efficiencies and increase performance
at the same time.”
About Mogo
Mogo Inc. (NASDAQ:MOGO; TSX:MOGO) is a digital wealth and
payments company headquartered in Vancouver, Canada with more than
2 million members, $9.9B in annual payments volume and a ~13%
equity stake in Canada’s leading Crypto Exchange WonderFi
(TSX:WNDR). Mogo offers simple digital solutions to help its
members dramatically improve their path to wealth-creation and
financial freedom. MOGO offers commission-free stock trading that
helps users thoughtfully invest based on a Warren Buffett approach
to long-term investing – while also making a positive impact with
every investment. Moka offers Canadians a real alternative to
mutual funds and wealth managers that overcharge and underperform
with a fully managed investing solution based on the proven
outperformance of an S&P 500 strategy, and at a fraction of the
cost. Through its wholly owned digital payments subsidiary, Carta
Worldwide, Mogo also offers a low-cost payments platform that
powers next-generation card programs for companies across Europe
and Canada. The Company, which was founded in 2003, has
approximately 200 employees across its offices in Vancouver,
Toronto, London & Casablanca.
Forward-Looking Statements
This news release may contain “forward-looking statements”
within the meaning of applicable securities legislation, including
statements regarding the deployment of new AI applications to help
everyday consumers invest better, build wealth and achieve
financial freedom and Snowflake’s Data Cloud offering enabling the
Company to unlock further efficiencies and increase performance at
the same time. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by management at the time of preparation, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies, and may prove to be incorrect.
Forward-looking statements are typically identified by words such
as "may", "will", "could", "would", "anticipate", "believe",
"expect", "intend", "potential", "estimate", "budget", "scheduled",
"plans", "planned", "forecasts", "goals" and similar expressions.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual financial
results, performance or achievements to be materially different
from the estimated future results, performance or achievements
expressed or implied by those forward-looking statements and the
forward-looking statements are not guarantees of future
performance. Mogo’s growth, its ability to expand into new products
and markets and its expectations for its future financial
performance are subject to a number of conditions, many of which
are outside of Mogo’s control. For a description of the risks
associated with Mogo’s business please refer to the “Risk Factors”
section of Mogo’s current annual information form, which is
available at www.sedarplus.com and www.sec.gov. Except as required
by law, Mogo disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240207046147/en/
For further information:
Craig Armitage Investor Relations investors@mogo.ca (416)
347-8954
US Investor Relations Contact Lytham Partners, LLC Ben Shamsian
New York | Phoenix shamsian@lythampartners.com (646) 829-9701
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