Green check confirmed (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 from GCC – a new marketplace that enables marijuana-related businesses to find trusted financial services providers.
“We are 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, brings his four decades of business software experience to the table Benzinga Cannabis Capital Conference as a featured speaker in April in Miami Beach.
The new funding round is the culmination of a very successful year for the Florida-based software company. By 2022, GCV saw 87% revenue growth, 55% in financial institution customers and a 261% growth in marijuana businesses.
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Icing on the cake: Last September, GCV confirmed that it is buy PayQwick, which has been serving underbanked cannabis businesses with payments and lending since 2015. The complementary technology and services offered by GCV and PayQwick will facilitate more than just compliant deposits and payments. GCV will provide real-time transactions, including lending, supply chain settlement and banking solutions previously unavailable to the cannabis industry.
As for 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 leadership, company potential and opportunity for overall 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 looking to serving the exuberant 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 all that it encompasses.
“The purpose of cannabis, aside from its medicinal value, is supposed to be low stress. As an owner-operator, try to pick up on that vibe and keep it and keep 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 (…) Consumers can read through that.”
Hart’s advice to us all: “The opportunity to make more money is actually there if you focus on the right things.”
Photo: Benzinga edit with photo and logo via LinkedIn
