Vogogo Secures $12.5 Million Financing

Cryptocurrency-focused payment processing provider Vogogo has secured a financing round of $12.5 million, according to a report by Finextra.

The round was led by underwriters Salman Partners Inc., Clarus Securities Inc. and Beacon Securities Limited.

Calgary-based Vogogo aims to take on the load of Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, compliance and security for Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term processed, bridging the gap between the fiat banking and digital currency worlds and allowing exchanges to focus more on their business strategies.

CEO Geoff Gordon said the financing will go toward its quest for global expansion. The startup has become a go-to destination for Canada-based cryptocurrency exchanges, as well as those looking to expand to Canada. Exchanges have previously experienced difficulties securing banking services in the country, but have apparently gotten around the issue with Vogogo in the middle.

Gordon commented:

"The appetite we’re experiencing in the market for what our platform is able to deliver is immense and we’re committed to servicing every one of the opportunities out there."

Shares of Vogogo, publicly traded on the TSX Venture Exchange, are currently trading higher by 1.04% at C$1.94. Its market cap is $80.35 million, more than 150% higher than one year ago, but over 50% off the November peak.