Financing will allow company to seize opportunity presented by strong demand in Q2 2021
NEW HAVEN, CT / ACCESSWIRE / July 7, 2021 / Green Check Verified (GCV), the leading regtech provider of compliant cannabis banking solutions and services, today announced the closing of an oversubscribed $3 million in Convertible Note Financing, with new investor Robert Wolf, founder of 32 Ventures and former Chairman & CEO of UBS Americas, and lead investor Flatiron Venture Partners. This latest round also featured returning investors Fenway Summer Ventures and Bravos Capital.
With this additional funding, GCV will continue to invest in growing the team to support a 2021 influx of new financial institution partners, while also expanding its product and services offerings to capitalize on the broader market opportunity. The new round of funding brings GCV’s total fundraising to more than $8 million. GCV previously announced $2.4 million in Convertible Note Financing in February 2021.
“I am incredibly excited to be an investor in Green Check Verified,” said Robert Wolf. “As a former financial services executive, it is clear to me that banks will get more and more active in the cannabis sector and the cutting-edge technology platform at GCV does the critical compliance diligence to have banks meet the ‘know your customer’ requirements.”
“Flatiron was eager to lead this round as we truly believe in the potential of Green Check Verified – which comes into play as legislation like the SAFE Banking Act passes,” said Tamara Totah, CEO of The Flatiron Group. “GCV’s technology is complementary to and necessary for forward-looking legislation as it decreases the burden of continual, on-going diligence required for banking high-risk entities. Over time and with eventual federal legalization, banks both big and small, as well as credit card companies and other regulated financial institutions, will need compliance functionality – and GCV is the only software that can handle anti-money laundering (AML) on a per-transaction basis.”
With a proven track record of enabling and scaling programs for cannabis banking, GCV continues to solidify its position as a leader in the industry. Following its recent expansion into Hawaii, Ohio, Pennsylvania, Colorado, Oregon and Washington, GCV is now providing technology and advisory services that enable financial institutions to develop compliant, efficient and successful cannabis banking programs across an industry-leading 32 states.
“The interest level from financial institutions has never been greater,” said Kevin Hart, founder and CEO of Green Check Verified. “We plan to be in all states that have legal cannabis programs by the end of the year, and this investment is going to help us capitalize on the massive market opportunity we have right now. The tremendous knowledge, experience and extensive networks of our investors also will help us to expand and accelerate our product roadmap.”
Founded in 2017 by a team of regulatory, banking and technology experts, GCV delivers the technology and advisory services that enable financial institutions to develop compliant, efficient and profitable cannabis banking programs. Since going live in 2019 with its technology and advisory services, the company has seen rapid adoption and currently has over 1,000 cannabis-related businesses on its cloud-based compliance monitoring platform.