Fintech partnership will offer loans and financial services to cannabis operators – New Cannabis Ventures
Bespoke Financial and PayQwick Launch Fintech Partnership Serving Cannabis Operators and Banks
Partnership will provide loan services and financial solutions to cannabis operators
LOS ANGELES, April 21, 2022 (GLOBE NEWSWIRE) — Bespoke Financial, the nation’s first fintech lender to provide debt financing to cannabis businesses, today announced its strategic partnership with treasury and financial services platform PayQwick the most comprehensive in the cannabis industry. Partnership provides compliant one-stop shop for cannabis businesses to access Bespoke lending products and PayQwick invoicing, electronic bill payment, cash pickup by armored car, wire transfers and other services financial.
Lack of access to traditional financial services, including deposit accounts and lines of credit, was a major impediment in the early years of the cannabis industry. This partnership allows Bespoke customers to seamlessly access preferential deposit fees in addition to free money transfers to mutual Bespoke and PayQwick customers through the PayQwick platform. In return, PayQwick customers receive priority access to qualify for lines of credit with Bespoke based on the underwriting and due diligence processes cannabis operators currently follow. The platform is currently available to cannabis businesses operating in Arizona, California, Colorado, Florida, Illinois, Massachusetts, Michigan, Oregon and Washington – with more US markets to come.
PayQwick has enabled countless cannabis operators to achieve their growth goals by expanding access to essential financial services in this highly regulated environment. PayQwick’s advanced platform enables even more businesses to grow as the industry continues to mature.
George Mancheril, Founder and CEO of Bespoke Financial
We are thrilled to partner with their platform and look forward to redefining what is possible in cannabis financial services by offering lending and cash together.
Since 2015, PayQwick has processed billions of dollars in transactions for cannabis companies, banks, and credit unions through its state- and federal-compliant treasury and payment solutions. PayQwick customers can now use reliable financing tools by applying for Bespoke’s Revolving Line of Credit to access non-dilutive and scalable working capital. “We have worked closely with the PayQwick team for over 2 years as our services complement each other well, but this is a big step towards creating a one stop shop for cannabis operators to connect to banking and lending tools,” said Judson Hill, Head of Revenue at Bespoke Financial.
Bespoke is the cannabis industry’s first licensed commercial lender to offer a full suite of loan programs.
Bob Craig, CEO of PayQwick
We know that our banks and credit unions will also benefit from access to capital from Bespoke for their cannabis clients through the PayQwick platform.
To find out if your business is eligible for PayQwick and Bespoke Financial services, please visit www.bespokefinancial.com/apply-now.
About Bespoke Financial
Founded in 2018, Bespoke Financial is the nation’s first licensed commercial lender focused on the cannabis industry. Led by a team of leading experts in the fintech and cannabis industries, Bespoke Financial provides clients with access to working capital by offering lines of credit to the legal cannabis industry. Tailored financing allows cannabis businesses to increase their buying power, remove working capital limits, and accelerate growth in a rapidly growing industry. The company is backed by respected venture capital firms such as Casa Verde Capital, The General Partnership, Greenhouse Capital Partners, Outbound Ventures, Vista Investment Group and Ceres Group Holdings. For more information visit www.bespokefinancial.com or connect with us on LinkedIn
PayQwick is committed to expanding financial access for the cannabis industry. Through its comprehensive services, technology platform and strategic partnerships, PayQwick offers cannabis operators and financial institutions compliant treasury solutions to serve the industry. Find out more about PayQwick and its national network at payqwick.com.
original press release
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