Calgary Startup that Helps Bitcoin Transact with Traditional Banks Raises $8.5 Million
Calgary’s Redfall Technologies Inc. (a.k.a Vogogo) has raised $8.5 million in funding for its Bitcoin risk management services.
The company raised the money from Cormark Securities Inc., Salman Partners Inc., Clarus Securities Inc., Beacon Securities Limited and Canaccord Genuity Corp.
Vogogo provides comprehensive risk management, security, compliance and payment services, enabling cryptocurrency businesses to work with traditional banks and Fiat currencies more easily. Transacting with traditional banks has been a major hurdle for crypto businesses to date, said Vogogo, and is seen as critical to the wide spread adoption and proliferation of these innovation technologies.
It said its technology and services enable crypto currency businesses to meet strict compliance and risk mitigation requirements of conventional banks and regulators. With effective risk management, compliance, and security in place, Vogogo has “assisted in making Canada a reputable region for crypto businesses.”
Vogogo has already initiated an expansion into the US and it said that will be complete in a matter of months. As for Canada, it claimed that it “captured and effectively services the Canadian crypto industry.”
“This is a another milestone for Vogogo and an endorsement of our potential,” said CEO Geoff Gordon. “The ability for the global crypto industry to meet the stringent requirements of regulators and traditional banks is one of the most significant challenges for the crypto space. Vogogo unlocks potential for growth, collaboration and innovation in the crypto space.”
Vogogo was founded in 2008, when its team designed, built and launched a web-based payment processing technology. They already had expertise in software development, payments, risk management, and related financial services.
The technology was developed to support multiple electronic payments for both the U.S. and Canadian markets and initially started out with integration into several large web based (E-commerce) businesses.
To date, Vogogo has successfully processed more than $1B in US and Canadian payments.