Alternative payments company AeroPay has closed its seed round to support the growth of its team and operations.
The investment was led by Continental Investors, with a number of unnamed angel backers and strategic investors from the Chicago tech community.
Capital from the round will be used to hire more staff, deepen the platform capabilities and grow its operations across the US.
The AeroPay platform reduces the traditional payment processing burdens, including high costs, slow settlements and security issues. It works through bank-to-bank digital payments between businesses and their customers.
AeroPay recently launched a suite of compliant digital payments solutions for state legal cannabis. It also formed a strategic partnership with Safe Harbor Private Banking, a compliance-based banking platform for cannabis businesses.
Continental Investors partner Paul M. Purcell said, “We have a guiding conviction that payments remains an underinvested and under-innovated category in C2B and B2B commerce.
“For nearly 15 years, Continental has successfully invested and partnered with entrepreneurs pushing innovation in and around financial services and commerce. We are thrilled to welcome Dan Muller and his team at AeroPay to our portfolio.”
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