The conclusion of Treez’s acquisition of Swifter’s payment solutions platform resulted in the merger of two software companies that cater to the cannabis industry.
In a news release, Treez said that the acquisition enables it to offer comprehensive financial services and digital payment solutions that are more suited to the market. As a result of the purchase, Treez now has Swifter’s retail cannabis customers on its client list.
Treez CEO John Yang said in a news release that by advancing scalable FinTech and payment solutions to improve customer experience and reach customers where they are right now, “Together, we’re overcoming the issues experienced by dispensaries in normalizing the cannabis retail experience.”
The acquisition will provide cannabis firms access to technology that provide transparency, consistency, and faster processing speeds. According to the press release, if legislation like SAFE banking is passed, it will lead to improvements in Swifter technology that will make it easier for conventional banks and FinTech firms to access the cannabis industry.
“By integrating Swifter’s payment technology platform to Treez, we intend to empower cannabis merchants with the solutions they need to deliver a better and more conventional retail customer experience, improve sales, and eventually drive to profitability,” Swifter co-founder Sowmya Rao said in the statement.
In April, Treez reportedly closed a $51 million Series C investment round, which resulted in the acquisition.
This information was made public only a short time after Safe Harbor Financial, a provider of financial services to the legal cannabis market, and Abaca, a cannabis FinTech company, agreed to be acquired by one another for $30 million. In accordance with a press release from the business, Safe Harbor intends to use that agreement to create complete banking solutions for the operators of the industry.
Two months prior, Reuters had reported that FinTech Bespoke Financial intended to expand the number of Massachusetts and California cannabis dispensaries that could use its B2B buy now, pay later (BNPL) service.
