AeroPay's latest funding will support recruiting new talent, continued growth in the cannabis sector, and building out additional product features.
FREMONT, CA: AeroPay, a Chicago-based digital payments platform helping bank transfer payments for firms, announces the closing of a $5+ million Venture Round. The round was headed by Chicago Ventures, a firm that leads investments in early-stage startups. The Chicago Ventures portfolio comprises online financial services firm M1 Finance, celebrity video-sharing website Cameo, digital parking marketplace SpotHero, and peer-to-peer review site G2.
The company firmly believes that it is changing how money moves to positively affect businesses of all kinds. Their recent growth and base of processes in Chicago made it a great fit for our firm, and the company is excited to be on the journey with them. Other investors in the round are FinTech experts Continental Investors, who headed AeroPay's seed round, former Google executives, cannabis sector veterans, and seasoned enterprise retail professionals.
The funding will help recruit new talent, continue growth in the cannabis sector, and develop additional product features. AeroPay's API-driven platform presently processes payments for hundreds of brick-and-mortar and eCommerce firms, including non-profits, restaurants, retail, technology, and cannabis. While AeroPay services all verticals, the firm has seen significant success with cannabis enterprises since launching into the sector. In 2020, the State of Illinois surpassed $1 billion in cannabis sales.
AeroPay uses strategic partnerships with other ancillary technology providers built for cannabis retailers to boost their space growth. The potential to be flexible and solve customer's pain points enables the company to be the long-term payments partner they need. A true digital payments option has been refreshing for processes in the historically cash-reliant cannabis sector. The AeroPay platform is supported by Safe Harbor Private Banking, the leading banking provider for cannabis enterprises. The partnership uses AeroPay's technology to facilitate payments, with Safe Harbor Private Banking offering a seamless compliance process and additional banking services.