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Green Check Verified (GCV), a fintech provider of compliant cannabis banking solutions and services, recently completed a $6 million Series A funding round led by Mendon Venture Partners.
The news comes on the heels of the company’s launch of Green Check Connect of GCC – a new marketplace enabling marijuana-related businesses to find reliable financial service providers.
“We’re excited to continue building a comprehensive financial services ecosystem for banks, credit unions, and cannabis-related businesses,” said Kevin Hart, CEO and co-founder of Green Check Verified. “Mendon’s investment is a testament to the strong foundation already in place and our plans for the future.”
Hart, by the way, is bringing his four decades of business software experience to the Benzinga Cannabis Capital Conference as a featured speaker this coming April in Miami Beach.
The new funding round is the culmination of a wildly successful year for the Florida-based software company. In 2022, GCV saw 87% revenue growth, 55% in financial institution clients and a 261% growth in marijuana businesses served.
Icing on the cake: This past September, GCV confirmed it is buying PayQwick, which has been servicing underbanked cannabis businesses with payments and lending since 2015. The complementary technology and services provided by GCV and PayQwick will facilitate more than just compliant deposits and payments. GCV will provide real-time transactions, including lending, supply chain settlements, and banking solutions previously unavailable to the cannabis industry.
In terms of the latest funding round, Mendon Venture Partners’ co-founder and partner Daniel Goldfarb praised GVC for several reasons. “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. Kevin’s vision for the company combined with the regional expansion of the legal cannabis industry and an increasing number of financial institutions seeking to service the ballooning universe of cannabis-related businesses makes a compelling investment case.”
In large part, GVC’s success comes from Hart’s understanding of the cannabis industry and everything it encompasses.
“The purpose of cannabis, aside from its medical value, is supposed to be low stress. As an owner-operator, try to pick up that vibe and keep it and retain it,” Hart said in an interview with Cannabis Business Times last year. “And if you’re trying to go with this antiseptic look, or you’re just trying to be hip and cool, but you’re not matching that with your behavior (…) The consumers can read through it.”
Hart’s advice to us all: “The opportunity to make more money is actually there if you focus on the right things.”
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Image and article originally from www.benzinga.com. Read the original article here.