Cannabis Payments Platform AeroPay Raises $5M To Bolster Tech, Finance New Hires

Digital payments platform AeroPay has raised more than $5 million in a venture round led by Chicago Ventures.

The raised money will be used to finance new hires, further developments in the cannabis industry, and new features of the product.

Chicago Ventures is known for investing in early-stage startups. Its portfolio contains names such as M1 Finance, Cameo, Spot Hero, and G2. The round was also supported by FinTech experts Continental Investors, former Google Inc. GOOG executives, and cannabis industry professionals, among others.

The Platform

The company offers payment processing for both brick-and-mortar and e-Commerce enterprises across various industries, including cannabis, retail, hospitality, and technology.

The platform is backed by Safe Harbor Private Banking, which provides banking services and processing transactions

"We're proud that our platform can handle a variety of use cases through our API and frontend technology. Our ability to be flexible and solve many of our customer's pain points allows us to be the long-term payments partner they need," Daniel Muller, CEO & Founder of AeroPay stated. "We're excited to continue bringing better payment options to underserved markets that have been left behind by traditional providers.

New Features

Muller told Benzinga more about how the company will use the funding to support the building of new product features.

"At AeroPay we're always continuing to improve our product to better serve the businesses we work with. The new funding will help us build out enhanced integration capabilities, machine learning risk prevention, and advanced dashboard manager and reconciliation tools."

The company is known for multiple strategic partnerships with other ancillary technology providers. In January, it partnered with a cannabis software and delivery company, Blackbird, to incorporate AeroPay’s payments platform into Blackbird's cannabis marketplace.

In February, AeroPay announced it has teamed up with Olla, a cannabis retail-focused eCommerce platform to enable digital payments to eCommerce for the cannabis industry.

The company plans to continue this partnership trend to further advance its offering, Muller told Benzinga.

"From the very beginning, we've made it a priority to align ourselves with other best-in-class technology providers in the cannabis space. Through strategic partnerships and integrations, we've been able to bring further operational efficiencies to cannabis owners and operators."