The Canada and United States based start-up catering to the cryptocurrency industry has recently closed a $12.5 million fundraising round. According to Vogogo, the company has closed the latest round of investments from a group of financial firms co-led by Salman Partners Inc., Clarus Securities Inc. and Beacon Securities Limited.
Vogogo is one of the leading companies that offer specialized payment and risk management products based on its proprietary technology to cryptocurrency and traditional businesses alike. The company has a strong team comprising of some of the best risk management, payment and compliance experts which makes them stand apart from the rest.
As a payment processor, Vogogo’s focus is not limited only to cryptocurrency businesses, even though they are the main target segment. Apart from payment processing, the company also offers Anti Money Laundering (AML) and Know Your Customer (KYC) services for Bitcoin companies. The company will be utilizing the $12.5 million funds for continued development of its products.
According to Geoff Gordon, the CEO of Vogogo the company has developed sophisticated solutions for fast evolving cryptocurrency industry which helps them solve some of the largest challenges. The company’s offering is able to keep up with increasing demand without breaking a sweat. Vogogo is committed to service every single opportunity out there.
Vogogo has already established some important partnerships with companies like BitStamp and Harborly for its compliance and payment services respectively. And with complicated compliance processes being introduced by regulatory authorities like in the case of New York BitLicense has opened up a trove of opportunities.
Benjamin Lawsky, the ex-superintendent of New York State Department of Financial Services who introduced the BitLicense during his tenure will be competing with Vogogo with his new consulting firm.
Vogogo has also expanded its services to the European market with its recent strategic partnership with E-comprocessing. E-comprocessing is a subsidiary of the UK based eMerchantPay Ltd which offers payment processing services.
READ MORE: Vogogo Payment Processor Springs Up in European Markets
