Digital payments startup AeroPay raises over $5 m venture round

Digital payments startup AeroPay raises over $5 m venture round

Published: 08-03-2021 15:39:00 | By: Pie Kamau | hits: 1081 | Tags:

AeroPay, a Chicago-based digital payments platform powering bank transfer payments for businesses, announced the closing of a $5+ million Venture Round led by Chicago Ventures, a firm that leads investments in early-stage startups. The funding will support recruiting new talent, continued growth in the cannabis industry, and building out additional features of the product. AeroPay's API-driven platform currently processes payments for hundreds of brick-and-mortar and e-Commerce businesses including non-profits, restaurants, retail, technology, and cannabis.

Other investors in the round include Fintech experts Continental Investors, who led AeroPay's seed round, former Google executives, cannabis industry veterans, and seasoned enterprise retail professionals. The Chicago Ventures portfolio includes online financial services company M1 Finance, celebrity video-sharing website Cameo, digital parking marketplace SpotHero, and peer-to-peer review site G2. 

Stuart Larkins, Co-founder and General Partner, Chicago Ventures: "We've kept an eye on what the team at AeroPay has been building and we're impressed by their ability to execute. They've done it without cutting corners. We firmly believe they are changing the way money moves in a manner that will positively impact businesses of all kinds. Their recent growth and base of operations in Chicago made it a great fit for our firm and we're excited to be on the journey with them."

The funding will support recruiting new talent, continued growth in the cannabis industry, and building out additional features of the product. AeroPay's API-driven platform currently processes payments for hundreds of brick-and-mortar and e-Commerce businesses including non-profits, restaurants, retail, technology, and cannabis.

While AeroPay services all verticals, the company has seen significant success with cannabis businesses since launching into the industry. In 2020, the State of Illinois surpassed $1 billion in legal cannabis sales. The industry as a whole is estimated to contribute $130 billion to the economy by 2024.

AeroPay utilizes strategic partnerships with other ancillary technology providers such as Blackbird, a cannabis software and delivery company, and Olla, an eCommerce platform built for cannabis retailers, to accelerate their growth in the space. A true digital payments option has been refreshing for operators in the historically cash-reliant cannabis industry.

Daniel Muller, CEO & Founder, AeroPay: "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. There is no better place to build a Fintech company than Chicago as it bridges financial services, an industry of historical significance to the city, and technology, a sector of growing prominence in the city's startup community. We're especially motivated being situated in Illinois as it is becoming one of the most successful legal cannabis markets in the U.S. We're just scratching the surface and we can't wait for what comes next."

Mark Passerini, Executive Vice President of Operations, Mission Dispensaries: "Working with AeroPay has been great from the get go. The onboarding process was quick and easy, the customer experience has been fantastic, and our store managers are thrilled to offer a cashless payment option that eliminates the need to handle cash and keeps both customers and employees safe."

The AeroPay platform is supported by Safe Harbor Private Banking (a division of Partner Colorado Credit Union), the leading banking provider for cannabis businesses. The partnership leverages AeroPay's technology to facilitate payments, with Safe Harbor Private Banking providing a seamless compliance process and additional banking services.

www.aeropay.com