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September 16, 2021

North Haven's Green Check Verified partners with Austin fintech company

Kevin Hart, CEO, Green Check Verified
By Sean Teehan

North Haven-based Green Check Verified is partnering with Austin-based Abrigo -- which makes fraud detection software for the banking industry -- on serving financial institutions interested in entering the cannabis space.

Green Check Verified audits marijuana businesses and verifies whether they’re operating within legal bounds in an effort to help more traditional financial institutions feel comfortable serving cannabis customers. In its deal with Abrigo, the Texas software company will send its clients interested in serving the cannabis industry to Green Check, which will vet the marijuana companies for compliance, Green Check CEO Kevin Hart said. 

"They have a very large client base, and they had inquiries about cannabis banking," Hart said, referring to Abrigo, which has about 2,300 clients. "They have customers, they have demand, we have a solution."

The move can help grow Green Check's client base, which currently stands at about 60, and growing, Hart said. 

Green Check is currently working with clients in 32 states, and in July announced it closed an oversubscribed $3 million funding round, a vote of confidence in the firm’s products that help banks and credit unions work with cannabis businesses. The startup's total fundraising as of July topped $8 million.

Additionally, Hart sees full legalization of cannabis in Green Check's home state as another growth opportunity, as the number of cannabis businesses, and financial institutions looking to vet them before doing business with them is likely to flourish. 

Right now Connecticut has four legal cannabis growers and 18 dispensaries, but industry observers are predicting the state could hold between 50 and 100 cannabis businesses in the next 18 months, Hart said.

"There are going to need to be more financial institutions in this space," Hart said. "We think that's a great opportunity for us; we will work with those financial institutions." 
 

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