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 , compliance and security for Payments 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.