The completion 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 claimed that the acquisition enables it to offer comprehensive financial services and digital payment solutions that are better suited to the market. As a result of the transaction, Treez now has Swifter’s retail cannabis customers on its client list.
Treez CEO John Yang said in a press release that by advancing scalable FinTech and payment solutions to improve customer experience and meet consumers where they are right now, “Together, we’re solving the problems encountered 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 released just a few days after Safe Harbor Financial, a provider of financial services to the legal cannabis market, reached an agreement to buy cannabis FinTech company Abaca for $30 million. According to a press release from the company, Safe Harbor plans to use that deal to develop comprehensive banking solutions for the sector’s operators.
Reuters had earlier disclosed two months prior that FinTech Bespoke Financial intended to increase the availability of its B2B buy now, pay later (BNPL) service to cannabis dispensaries in Massachusetts and California.
