CALGARY, ALBERTA and PALO ALTO, CALIFORNIA--(Marketwired - Oct. 29, 2014) - Vogogo Inc. ("Vogogo") (TSX VENTURE:VGO) a payment processor that services the cryptocurrency industry, today announced that it has finalized an agreement for a strategic partnership with US payment processor Knox Payments Inc. ("Knox"). The agreement provides Vogogo exclusive access to Knox's payment methods and US banking, enabling regional US fiat payments in support of the US cryptocurrency industry.
The agreement further bolsters Vogogo's US offering and allows Vogogo to expedite and enhance its upcoming entry into the US market. Vogogo can now offer its US-based merchants multiple real-time fiat payment options. Existing Vogogo merchants will be able to use a single technical integration to accept fiat payments from both Canada and the USA.
The agreement allows Knox to leverage its US banking relationships and Vogogo's merchant relationships, risk management technology and corporate resources to secure commercial level payment processing capabilities. This agreement with Vogogo enables Knox to participate in the US cryptocurrency industry, which has been a strategic target market for Knox.
Vogogo can now extend its compliance and risk management platform to the US market, leveraging its existing payments platform and processing capabilities to provide seamless and secure processing to what is estimated to be an addressable market over 10 times the size of the Canadian market currently being served.
Vogogo CEO Geoff Gordon said of the announcement, "This agreement represents a significant milestone in that Vogogo is now positioned to address the substantial US market. We will continue to execute the US expansion strategy as planned and maximize business development opportunities in the coming months."
Knox Payments President Tommy Nicholas said of the announcement, "We are very excited to be working with Vogogo and together look forward to aggressively entering a market that is already substantial yet still in its infancy."
The technical integration between Knox and Vogogo is well advanced and Vogogo expects to launch beta US processing in November 2014.
Vogogo is a TSX Venture Exchange ("TSXV") publicly traded payment services company with integrated risk management and compliance. Founded in 2008, Vogogo designed, built and launched its web-based payment processing technology while growing its expertise in software development, payments, risk management, compliance and related financial services. Vogogo is now executing on its plan to serve global markets. The plan focuses on market opportunities where Vogogo believes it has a competitive advantage due to its positioning and technology. To date, Vogogo has successfully processed more than $1B in US and Canadian payments.
For further company information please view the Vogogo Media Kit.
Knox Payments is a privately-held, Richmond, VA-based company, founded in January of 2014. The co-founders, Thomas Eide and Tommy Nicholas, launched the company at LAUNCH festival in February 2014, where they were awarded the Best Enterprise award by a panel including David Sacks and Cyan Bannister.
Knox has raised $1.6MM in seed financing from angel investors, and the team is dedicated to creating the simplest methods for transactions between parties.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
None of the information contained on, or connected to, Vogogo's website is incorporated by reference herein.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release contain forward-looking information including, without limitation, timing for integration of the Vogogo platform with Knox and expansion plans of Vogogo. The words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Vogogo. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Vogogo. Vogogo does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.