NORTH LITTLE ROCK, Ark., Feb. 3, 2022 /PRNewswire/ — Cannabis banking fintech company Abaca surpassed compliantly processing more than two billion dollars in commerce for the cannabis industry. The company’s growth is fueled by aligning its bank-backed financial technology offering with the needs of cannabis business operators, enabling normalized financial services for an underbanked industry. Abaca’s lifetime gross transaction volume growth is accelerating rapidly, having crossed $1 billion dollars in April 2021.
“In the past two years, we’ve been hyper-focused on helping our customers do business faster with greater accuracy, controls and stability, allowing them to achieve efficiency and scale their financial operations,” said Abaca CEO Dan Roda. “To see that we’ve now facilitated $2 billion in commerce for our customers is very rewarding. We plan to continue leveraging our cannabis compliance and technology expertise to find new ways to empower the industry as it continues to grow and evolve.”
Headquartered in North Little Rock, Arkansas, a growing hub for fintech startups, Abaca services dispensaries, cultivators, processors, and ancillary cannabis businesses with compliant commercial banking, payments, and treasury management. Abaca’s clients include both small businesses as well as publicly-traded multi-state operators and enterprise clients. Abaca’s offering also includes robust treasury management tools that help operators scale their financial operations.
“With multiple locations across several jurisdictions, each with their own ecosystem of banks and service providers, management of our corporate treasury was piecemeal,” said Lisa Bredenkamp, chief accounting officer of Revolution Global, a cannabis multi-state operator with operations across five states. “Abaca’s future-thinking team has worked with us hand-in-hand to develop solutions to help us as we grow, saving us time and reducing headaches along the way.”
“Our technology has really evolved the expectations in cannabis banking. We are now doing much more than just commercial deposits,” said Brian Bauer, Abaca’s president and chief strategy officer. “And because at our heart we are a technology company, we are able to deploy our financial services digitally while also meeting the rigorous compliance requirements for cannabis banking.”
To service its growing nationwide client base, Abaca has offices in North Little Rock, Arkansas, and Chicago, Illinois.
Abaca provides state-legal cannabis businesses with compliant bank accounts, lending, electronic payments, and other financial services through its financial technology-powered cannabis banking platform. Abaca and its partner financial institutions are currently accepting traditional bank account applications in Arkansas, Colorado, Florida, Illinois, Louisiana, Michigan, Missouri, Montana, North Dakota, Ohio and Oklahoma; the company’s fintech banking platform also offers lending and payment processing services to cannabis and hemp/CBD businesses nationwide.