Vogogo to shut down payment processing services

Announcements | July 12, 2016 By:

Vogogo Inc. has announced the closing of its payment processing service next month after struggling to find ways to enhance shareholder value.

The move will see Vogogo shutting down its payments service after it completed selling its risk management business. Those two business lines were major elements of Vogogo, which raised $8.5m in venture funding in August 2014 before going public last year.

“The payment business, there wasn’t a lot of interest in it. There wasn’t a lot of revenue or customers there. So, the simplest way to preserve cash value to the organization was just to shut that piece down,” said Vogogo CFO Tom Wenz.

Vogogo Inc. is a Canada-based company that provided payment processing and transaction risk services.