Arkansas Cannabis Banking Company Abaca crosses $2 billion in trade
Abaca, the Arkansas-based banking fintech company, surpassed $2 billion in trade for the cannabis industry. The company says its growth is fueled by aligning its bank-backed fintech offering with the needs of cannabis business operators, enabling standardized financial services for an underbanked industry. Lifetime Abaca gross trading volume growth just exceeded $1 billion in April 2021.
“Over the past two years, we have been focused on helping our customers do business faster with more precision, control and stability, enabling them to achieve efficiency and expand their financial operations,” said Abaca CEO Dan Roda. “To see that we have now facilitated $2 billion in trade for our clients is very gratifying. We plan to continue to leverage our expertise in compliance and cannabis technology to find new ways to empower the industry as it continues to grow and evolve.
Based in North Little Rock, Abaca serves cannabis dispensaries, growers, processors and ancillary businesses with compliant commercial banking, payments and cash management. The Company’s customers include small businesses as well as publicly traded multi-state operators and enterprise customers. Abaca’s offering also includes robust cash management tools that help operators scale their financial operations.
“Our technology has really changed the expectations of cannabis banking. We now do more than just commercial deposits,” said Brian Bauer, President and Chief Strategy Officer of Abaca. “And because we’re a technology company at heart, we’re able to deploy our financial services digitally while meeting stringent cannabis banking compliance requirements.”
The company currently has offices in North Little Rock and Chicago. Abaca and its partner financial institutions are currently accepting traditional bank account applications in Arkansas, Colorado, Florida, Illinois, Louisiana, Michigan, Missouri, Montana, North Dakota, Ohio and Oklahoma; the company’s fintech banking platform also offers lending and payment processing services to cannabis and hemp/CBD businesses nationwide.
READ ALSO: Arkansas Rural Health Partnership Names Jones CEO, Bridewell Now Chairman