Cannabis banking tech provider Green Check raises $6m

The investment follows Green Check’s acquisition of PayQwick, which has been servicing cannabis businesses with payments and lending since 2015

Green Check Verified, a provider of cannabis banking solutions and expert advisory services for financial institutions, has secured $6m in a series A funding round. 

The funding will be used to develop its solutions for the US cannabis industry, including lending, supply chain settlements and banking. 

Mendon Venture Partners, a venture capital investment firm, led the round.  

The investment follows Green Check’s acquisition of PayQwick, which has been servicing cannabis businesses with payments and lending since 2015.  

The funding follows a bumper year for Green Check, including 87% growth in revenue, 55% growth in financial institution clients and 261% increase in cannabis businesses served.  

Kevin Hart, chief executive officer and co-founder of Green Check Verified, commented: “We’re excited to continue building a comprehensive financial services ecosystem for banks, credit unions, and cannabis-related businesses.”  

Daniel Goldfarb, co-founder and partner of Mendon Venture Partners, added: “Kevin’s vision for the company combined with the regional expansion of the legal cannabis industry and increasing number of financial institutions seeking to service the ballooning universe of cannabis-related businesses makes a compelling investment case.” 

Image: © Terrance Barksdale via Canva

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.