Bespoke Financial announced its strategic partnership with PayQwick. 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 has been a major roadblock 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,” stated 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.
“Bespoke is the first licensed commercial lender in the cannabis industry that offers a full range of borrowing programs,” stated 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.”
Photo: Courtesy of Mackenzie Marco on Unsplash
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