Treez, an enterprise commerce technology platform for the cannabis retail and supply chain industry, has reached an agreement to acquire Swifter, a payment solutions platform tailored to meet the unique needs of the cannabis industry.
Swifter brings a suite of existing multi-location operating retail cannabis clients and credentials as a Y Combinator company. Swifter was selected as part of the 2020 class at the Y Combinator accelerator that offers seed investments to startup companies, with a roster of alumni including Airbnb, Doordash, Dropbox, Instacart and more.
This acquisition and investment support the company’s strategy and mission to develop innovative technology to accelerate the growth of the cannabis industry, following its Series C funding round of $51 million in April 2022.
“The acquisition of Swifter further solidifies our position to offer a comprehensive suite of financial services and digital payments solutions to cannabis dispensaries,” said John Yang, CEO of Treez. “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.”
Through the acquisition of Swifter, Treez will be able to provide embedded partner-powered fintech solutions that will ultimately lead to more transparency, stability and better processing rates for retailers. Additionally, Treez will be able to leverage and further build upon the Swifter technology to allow more traditional banks and fintech providers to more easily enter the space as legislation efforts like SAFE banking get closer to passing.
“We are thrilled to be joining the Treez team, which has a deep expertise in cloud commerce technology,” said Sowmya Rao, Co-Founder of Swifter, who will remain with Treez as Director of Payments. “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.”