LOS ANGELES, April 21, 2022 (GLOBE NEWSWIRE) — Bespoke Financial, the first Fintech lender in the country providing debt financing to cannabis companies, today announced its strategic partnership with PayQwick, the cannabis industry’s most comprehensive treasury and financial services platform. The partnership provides a compliant one-stop shop for cannabis businesses to access Bespoke’s lending products and PayQwick’s invoicing, electronic bill pay, armored car cash pick-up, wire transfers and other financial services.
The lack of access to traditional financial services including deposit accounts and lines of credit have been major roadblocks in the early years of the cannabis industry. This partnership enables Bespoke’s clients to seamlessly access preferred deposit fees in addition to free money transfers to mutual Bespoke and PayQwick customers via the PayQwick platform. In return, PayQwick clients receive priority access to qualify for lines of credit with Bespoke based on the underwriting and due diligence processes cannabis operators currently abide by. The platform is currently available to cannabis businesses operating in Arizona, California, Colorado, Florida, Illinois,, Massachusetts, Michigan, Oregon, and Washington – with more U.S. markets to come.
“PayQwick has empowered countless cannabis operators to reach their growth goals by expanding access to critical financial services in this highly regulated environment. PayQwick’s advanced platform enables even more businesses to build scale as the industry continues to mature,” said George Mancheril, founder and CEO of Bespoke Financial. “We are thrilled to partner with their platform and look forward to redefining what is possible in the cannabis financial services space by offering both lending and treasury services together.”
Since 2015, PayQwick has processed billions of dollars in transactions for cannabis businesses, banks and credit unions through its state and federally compliant treasury and payment solutions. PayQwick clients can now utilize reliable financing tools by applying for Bespoke’s revolving line of credit to access non-dilutive, scalable working capital. “We have worked closely with the PayQwick team for over 2 years as our services complement each other nicely but this is a huge step towards creating a one stop shop for cannabis operators to connect with banking and lending tools,” said Judson Hill, Head of Revenue at Bespoke Financial.
“Bespoke is the first licensed commercial lender in the cannabis industry that offers a full range of borrowing programs,” said Bob Craig, CEO of PayQwick. “We know our banks and credit unions will also enjoy access to Bespoke’s capital for their cannabis clients through the PayQwick platform.”
To learn if your business qualifies for PayQwick and Bespoke Financial services, please visit www.bespokefinancial.com/apply-now.
About Bespoke Financial
Founded in 2018, Bespoke Financial is the nation’s first licensed commercial lender focused on the cannabis industry. Led by a premier team of experts in fintech and cannabis industries, Bespoke Financial provides clients access to working capital by offering lines of credit to the legal cannabis industry. Bespoke’s financing empowers cannabis companies to increase purchasing power, remove working capital limitations, and accelerate growth in a rapidly growing industry. The company is backed by respected venture capital firms such as Casa Verde Capital, The General Partnership, Greenhouse Capital Partners, Outbound Ventures, Vista Investment Group, and Ceres Group Holdings. For more information visit www.bespokefinancial.com or connect with us on LinkedIn
About PayQwick
PayQwick is committed to the development of financial access for the cannabis industry. Through its comprehensive services, technology platform and strategic partnerships, PayQwick offers cannabis operators and financial institutions compliant treasury solutions to serve the industry. Learn more about PayQwick and its national network at payqwick.com.
Media Contact:
Misi Stomber
Account Executive, MATTIO Communications
misi@mattio.com
Source: Globenewswire