Green Check Verified (GCV) announced a $6 million Series A funding round led by Mendon Venture Partners, a venture capital investment firm focused on the intersection of innovative technology and banks.
“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.”
The funding caps the most successful year in GCV history, including 87% growth in revenue, 55% growth in financial institution clients, and 261% growth in cannabis businesses served. In September 2022, GCV announced that it was acquiring PayQwick, which has been effectively 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 be able to provide real-time transactions, including lending, supply chain settlements, and banking solutions previously unavailable to the cannabis industry.
“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,” said Daniel Goldfarb, co-founder, and partner of Mendon Venture Partners. “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.”
Colin Campbell, managing director of Sharp Capital Advisors, an advisory firm focused exclusively on the cannabis sector, served as the exclusive financial advisor to Green Check for this transaction.
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