Mogo migrates digital wealth platform to Oracle Cloud Infrastructure
“By migrating to OCI, Mogo will be able to leverage a highly scalable cloud infrastructure that helps reduce time-to-market for new offerings across Mogo’s digital wealth platform.”
Canadian fintech firm Mogo Inc. has announced its decision to migrate to Oracle Cloud Infrastructure (OCI), in a move aimed at bolstering its digital wealth platform and expanding operational efficiency.
The Vancouver-based company, publicly traded on NASDAQ and TSX, aims to leverage OCI’s scalable and cost-effective cloud infrastructure to modernize its systems and accelerate the development of new products.
This partnership underscores a broader industry trend of financial institutions increasingly turning to cloud-based solutions to stay agile and cost-competitive.
Reducing time-to-market for new offerings across Mogo’s digital wealth platform
David Feller, founder and CEO of Mogo, said: “Our vision is to get millions of Canadians on a path to financial freedom by giving them low-cost digital solutions that make it easy to invest and grow their wealth while making a positive impact with every investment.”
With more than 2 million members, Mogo’s offerings range from MogoTrade—a simplified, low-cost trading platform—to Moka, an automated investment solution with a flat fee. As the firm competes in a price-sensitive market, its migration to OCI is seen as a strategic step toward both operational efficiency and enhanced profitability.
“In the highly competitive financial services industry, organizations need to streamline the delivery of new products and services as cost-effectively as possible,” stated Chris Markopoulos, Group Vice President at Oracle. “By migrating to OCI, Mogo will be able to leverage a highly scalable cloud infrastructure that helps reduce time-to-market for new offerings across Mogo’s digital wealth platform. With OCI, Mogo can achieve the double benefit of accelerating innovation while reducing costs.”
The move to OCI is expected to enable Mogo to better implement AI applications, an emerging focus for financial institutions seeking to personalize services and automate processes. In doing so, Mogo joins a growing number of fintech firms that are leaning into the cloud as a solution to the perennial challenges of scalability and cost management.
While this migration presents significant advantages for Mogo, it also represents a notable win for Oracle in the financial services sector, which has been keen to capitalize on the trend towards digital transformation. This partnership highlights Oracle’s continued push to be a leader in a market where cloud services have become increasingly essential.
With both companies focused on leveraging technology to democratize finance, this alliance signals an intent not only to streamline services but also to potentially set new industry standards for operational efficiency and customer service.