Green Check Verified, a FinTech platform for the legal cannabis sector, has closed its Series A funding round on $6m.
The investment was led by Mendon Venture Partners, an investment firm aimed at technology and banks.
This funding round comes after a strong period of growth for Green Check, which culminated in 87% growth in revenue. Other notable stats from the past year include a 55% growth in financial institution clients and a 261% growth in cannabis businesses served.
Green Check was founded in 2017 by a team of technology, banking and regulatory experts. Its goal is to transform how financial institutions and cannabis businesses interact.
The company empowers financial institutions to build and scale a cannabis banking program. As for businesses, it helps them build relationships with financial institutions and maintain compliance.
Some of its features include due diligence, compliance rules engine, account monitoring, streamlined reporting and a marketplace connects businesses and FIs.
It also offers advisory services including risk assessment, policy and procedures, go-to-market and more.
Mendon Venture Partners co-founder and partner Daniel Goldfarb said, “To invest, we need to see strong management, company potential, and opportunity for total market growth, and Green Check meets and exceeds our expectations in every category.”
Last year, Green Check acquired PayQwick, which supports underbanked cannabis businesses with payments and lending.
By combining the two companies, Green Check hopes to facilitate more than just compliant deposits and payments. It will also offer real-time transactions, including lending, supply chain settlements and banking solutions.
In 2021, the US House of Representatives passed a SAFE bill aimed at easing financial restrictions placed on the cannabis industry. Through the bill, it allows financial institutions to provide services to cannabis operators in states where it is legal.
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