Mogo this week announced that it has bolstered its partnership with Snowflake, a US Data Cloud company that expanded to Canada in 2022.
Building on a multi-year relationship, Vancouver-based fintech Mogo will use Snowflake Data Cloud as the foundation for its wealth-based offerings.
This strategic maneuver will increase the company’s processing time and efficiency, according to a statement from Mogo.
“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,” stated David Feller, founder and chief executive of Mogo.
Moreover, Mogo intends to deploy Artificial Intelligence applications “to help everyday consumers invest better, build wealth, and achieve financial freedom.”
“It’s clear that AI will be among the most transformative technologies we have ever seen,” says Feller, “and the impact it will have in the wealth industry will be significant especially for the next generation of investors.”
For Mogo, the 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,” according to Feller.
The CEO believes that we are still “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.”
Mogo’s digital wealth platform includes a commission-free stock trading app and Moka, which offers Canadians an alternative to mutual funds and wealth managers that overcharge and underperform with a fully managed investing solution based on the proven S&P 500 strategy.
Founded in 2003, Mogo has approximately 200 employees across offices in Vancouver, Toronto, London, and Casablanca. The platform boasts $10 billion in annual payments volume across more than two million members.
Trading publicly on the TSX and NASDAQ, the company has been buying back shares.