Shield Compliance, a cannabis compliance management platform for financial institutions, has scored $5m in its Series A round led by Copia Investments.
The post-money valuation of Shield has reached $20m.
Adding the $5m seed round closed by Shield in March, the company is looking to use the funds to enhance the development of its solution and quicken deployment within financial institutions.
Shield has also revealed a series of new agreements so it can support financial institutions in Colorado, Illinois, Massachusetts, Michigan, Ohio, and Washington. This means Shield supports all 33 US states where cannabis is legal.
Through Shield, financial institutions can ensure the compliant processing and due diligence of marijuana related businesses (MRBs). The platform works by aggregating a financial institution’s transaction data and demographic records with publicly available information from local and state governments, seed to sale tracking and client financial statements.
Copia Investment fund manager Scott Walker said, “Shield Compliance offers a complete and secure platform built for bankers by bankers.
“Shield’s solution meets the diverse compliance requirements faced by financial institutions serving MRBs and addresses a critical need in a rapidly growing, yet woefully underserved market. Under the direction of the company’s experienced leadership team, Shield is gaining strong traction in legal cannabis states and is quickly becoming the clear choice for the banking industry.”
Copyright © 2019 FinTech Global
