Cannabis eCommerce Firm Treez Buys Payments Platform Swifter

Two tech companies serving the cannabis industry have combined as enterprise commerce technology platform Treez has completed its acquisition of payment solutions platform Swifter.

The acquisition adds Swifter’s roster of retail cannabis clients to that of Treez and enables the offering of enhanced, comprehensive financial services and digital payments solutions to the industry, Treez said Wednesday (Nov. 2) in a press release.

“Together, we’re tackling the challenges faced by dispensaries in normalizing the cannabis retail experience by bringing forward scalable FinTech and payment solutions to optimize the customer experience and meet consumers where they are today,” Treez CEO John Yang said in the release.

For cannabis retailers, the acquisition will make available solutions that will provide transparency, stability and better processing rates. For traditional banks and FinTech providers, it will lead to advances of the Swifter technology that will allow them to more easily enter the cannabis space if legislation like SAFE banking gets passed, according to the press release.

“By bringing Swifter’s payment technology platform to Treez we hope to provide cannabis retailers with the solutions they need to offer a better and more typical retail customer experience, increase revenue and ultimately drive to profitability,” Swifter Co-Founder Sowmya Rao said in the release.

The acquisition comes after Treez completed a $51 million Series C funding round in April, according to the release.

This news comes days after Safe Harbor Financial, a facilitator of financial services for the regulated cannabis industry, entered into an agreement to acquire cannabis FinTech platform Abaca for $30 million. With that deal, Safe Harbor aims to create comprehensive banking solutions for the industry’s operators, the company said in a Monday (Oct. 31) press release.

Two months earlier, Reuters reported that FinTech Bespoke Financial planned to expand its B2B buy now, pay later (BNPL) offering for cannabis dispensaries in California and Massachusetts.