Florida-based cannabis banking solutions firm Green Check Verified announced Thursday that it had successfully completed a Series A fundraising round to the tune of $6 million, which it will use for further expansion.
“We’re excited to continue building a comprehensive financial services ecosystem for banks, credit unions, and cannabis-related businesses,” CEO Kevin Hart said in a press release.
Hart praised Mendon Venture Partners, which led the fundraising round, and said the venture capital firm’s commitment to Green Check Verified is “a testament to the strong foundation” the company has already established.
Hart further said in the release that the fundraising round caps off the company’s most successful year ever, in which Green Check Verified more than doubled its client roster, greatly increased the number of banks and financial institutions it works with, and saw an 87% growth in revenue. The company currently works with roughly 130 banks and more than 4,000 cannabis companies.
Also last fall, Green Check Verified acquired PayQwick, which it said will allow Green Check to “provide real-time transactions, including lending, supply chain settlements, and banking solutions previously unavailable.”