Alternative payments platform AeroPay is looking to accelerate its growth after closing a seed round of capital led by a top FinTech investment firm.
The Chicago-based FinTech announced on Tuesday (Sept. 29) that it had inked a funding deal with Continental Investors. The amount was not disclosed.
Continental, also headquartered in the Windy City, is a direct private investment firm specializing in FinTech firms and eCommerce.
The move comes on the heels of a pair of significant deals for AeroPay that have seen the company emerge as a financial services provider for the fast-expanding legal cannabis sector.
AeroPay earlier this month announced a strategic partnership with Safe Harbor Private Banking. A division of Partner Colorado Credit Union, Safe Harbor provides a compliance-based banking program for cannabis businesses.
In July, AeroPay launched an initiative aimed at legal cannabis businesses, rolling out a new series of compliant digital payment solutions for the sector.
"We built our platform to simplify the payments process for owners and operators in all industries and verticals," said Daniel Muller, CEO and founder of AeroPay, in a press release. "We're extremely excited about the group of investors we've brought on, specifically the team at Continental Investors, as their expertise aligns perfectly with the type of company we've set out to create."
AeroPay’s push to become a major financial services provider for the cannabis industry comes as the sector faces continued challenges in working with the traditional banking sector.
AeroPay is promoting its platform as an alternative, as it features bank-to-bank digital payments between businesses and their customers, shedding traditional payment processing charges and ensuring rapid settlement and enhanced security.
"We have a guiding conviction that payments remain an underinvested and under-innovated category in C2B and B2B commerce," said Paul M. Purcell, partner of Continental Investors. "For nearly 15 years, Continental has successfully invested and partnered with entrepreneurs pushing innovation in and around financial services and commerce. We are thrilled to welcome Dan Muller and his team at AeroPay to our portfolio."