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 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 bringing Swifter’s payment technology platform to Treez, we hope to provide cannabis retailers with the solutions they need to offer a better and more typical retail customer experience, increase revenue, and ultimately drive to profitability,” Swifter co-founder Sowmya Rao said in the release.
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 supplier of financial services to the legal cannabis industry, and Abaca, a cannabis FinTech startup, agreed to be acquired by one another for $30 million. In accordance with a press release from the business, Safe Harbor intends to leverage that agreement to provide 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.
