FinTech: Cannabis Cloud Commerce Platform Treez Acquires Payments Processor Swifter

November 4, 2022 | FinTech, News, Takeovers and Buyouts

Swifter is a Y Combinator company from the 2020 class.

Treez, an enterprise cloud commerce platform that streamlines retail and supply chain operations within the cannabis market, has acquired Swifter, a YC startup from India that builds ACH APIs for cannabis merchants in the US. Swifter calls itself the “Stripe for Cannabis.”

Treez said in a statement that Swifter was an attractive investment given its multi-location operating retail cannabis clients and Y Combinator background. (Globenewswire)

Swifter’s payment solutions are geared to solve the cash flow issues in the cannabis industry. “When we learnt about cannabis, we understood that the cannabis industry today faces stigma much like the alcohol industry did many decades ago,” says Swifter on its website. “Due to federal-state level differences in legality, cannabis merchants can’t access fintech services built for general businesses, including digital payments. With PaySwifter’s APIs, any dispensary, MSO, or cannabis software provider can start accepting digital payments, today.”

Founded in 2016, Treez raised a $51 million Series C round in April 2022. The round was led by Long Ridge Equity Partners, a New York-based growth equity fund focused on high growth software and fintech companies, Kayne Partners, a Los Angeles-based growth equity group, and Synchrony (NYSE: SYF), a leading consumer (B2C) financial services company.

“The acquisition of Swifter further solidifies our position to offer a comprehensive suite of financial services and digital payments solutions to cannabis dispensaries,” said John Yang, CEO of Treez.

Treez has already garnered five million unique consumers and reports a $4 billion gross merchandise value (GMV).

Related Story: Cannabis Wholesale Platform Leaflink Clocks Over $1B In Payments Transactions

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