Treez, an enterprise commerce technology platform for the cannabis retail and supply chain industry, has reached an agreement to acquire Swifter, a payment solutions platform tailored to meet the needs of the cannabis industry.
Swifter’s suite of existing multi-location operating retail cannabis clients, along with their credentials as a Y Combinator company, made them an attractive investment for the company. Swifter was selected as part of the 2020 class at the Y Combinator accelerator that offers seed investments to startup companies, with a roster of alumni including Airbnb, Doordash, Dropbox, Instacart and more.
“The acquisition of Swifter further solidifies our position to offer a comprehensive suite of financial services and digital payments solutions to cannabis dispensaries,” stated John Yang, CEO of Treez. “Together, we’re tackling the challenges faced by dispensaries in normalizing the cannabis retail experience by bringing forward scalable fintech and payment solutions to optimize the customer experience and meet consumers where they are today.”
Through the acquisition of Swifter, Treez will be able to provide embedded partner-powered fintech solutions that will ultimately lead to more transparency, stability and better processing rates for retailers. Additionally, Treez will be able to leverage and further build upon the Swifter technology to allow more traditional banks and fintech providers to more easily enter the space as legislation efforts like SAFE banking get closer to passing.
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Photo: Benzinga; Sources: courtesy of Matthias Zomer via Pexels, squarefrog via Pixabay)
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