Cannabis payments solution AeroPay picks up new funding as it expands

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The digital payments platform with a strong foothold in the cannabis industry gets a boost

After going through a venture round led by Chicago Ventures, AeroPay, a digital payments platform, has managed to raise more than $5 million. Further developments in the cannabis industry, new features of the product, and finance new hires are going to be the main aspects that the raised money will target.

Chicago Ventures has a long track record in the market and is often recognized for always adopting the mindset of investing in early-stage setups and states, “We believe generational companies can be built anywhere, by anyone.” As part of its portfolio, many recognizable names are included, such as Spot Hero, M1 Finance and G2. The funding round also received the support of FinTech experts Continental Investors and former Google Inc. executives, as well as a number of cannabis industry professionals.

Among the variety of options that this company offers, there is payment processing for both e-Commerce and brick-and-mortar enterprises across different industries, such as retail, cannabis, technology, and hospitality. To have a more robust and well-supported platform, AeroPay joined forces with Safe Harbor Private Banking, which handles all transaction processing and banking services.

Daniel Muller, AeroPay founder and CEO, stated, “We’re proud that our platform can handle a variety of use cases through our API and frontend technology. Our ability to be flexible and solve many of our customer’s pain points allows us to be the long-term payments partner they need. We’re excited to continue bringing better payment options to underserved markets that have been left behind by traditional providers.”

Muller also explained how the company would use all the raised money to support the building of new product features and made clear that AeroPay will continue having partnerships to further advance its offering.