Alt Thirty Six, a digital payments and compliance platform for the cannabis industry, has netted $10m in its Series A.
The capital injection was led by an unnamed private equity firm but is hoping to help the firm with its goal of making the cannabis industry go cashless.
Funds from the round have been earmarked to drive company expansion, boost its technical functions and abilities, and expand licensing in target states across the US. In principle, the proceeds are being used to support the mass consumer adoption of its solution.
The FinTech company provides a mobile platform to handle digital payments, for both sending and receiving funds. In addition to this, it offers online banking and money transfer functions.
Its technology is run through blockchain technology and also the Dash decentralised cryptocurrency which helps facilitates the transfer of funds at dispensaries and cannabis industries. The mobile app also supplies a range of compliance services, such as local regulations or simplify vendor and supply onboarding processes.
Alt Thirty Six co-founder and CEO Ken Ramirez said, “We are committed to revolutionizing the cannabis space by increasing access to compliant digital payments, making transactions easier and faster for all cannabis businesses. This new Series A funding round provides us access to the resources we need to help facilitate our vision for one of the fastest growing industries in the country.”
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