Lendica announces unique program to enable cannabis businesses to access credit
Novel Financing Platform Lendica Announces Suite Of Partnerships To Help Cannabis Businesses Scale
Lendica partners with suite of industry leaders to help wide variety of small businesses instantly access the credit markets.
BOSTON, April 1, 2021 /PRNewswire/ -- Lendica, the first automated financing platform serving the cannabis, hemp, CBD and other high growth industries, has announced a suite of partnerships to help these businesses instantly access capital.
Dispensaries, brands, cultivators and beyond can seamlessly connect data from their business to Lendica's proprietary application center and receive an offer within minutes. The more data a business shares, the more capital they will typically qualify for and oftentimes at better rates.
Lendica has partnered with leaders across a wide scope of disciplines to help small businesses meet their unique financing challenges.
Treez, an enterprise retail supply chain software company, Abaca, a compliance banking platform, Petalfast, a full-spectrum sales accelerator and marketing agency for the cannabis industry, and High Purity Natural Products, an integrated manufacturer and distributor of CBD and hemp products, are the latest partnerships to be announced by Lendica.
"We created Lendica, a novel fintech credit platform, to help businesses across all high growth industries reach scale faster with short-duration capital," said Jared Shulman, CEO of Lendica.
"We are thrilled to partner with these industry leaders and have seen firsthand how their customers can instantly benefit from additional, non-dilutive financing. This suite of partnerships helps cover a wide variety of businesses; whether it is a Petalfast/High Purity customer needing help turning over inventory quicker or an Abaca/Treez user that wants instant access to working capital. We are proud to be trusted by these expert platforms and are excited to extend our partnership model to point of sale, digital marketing, and payment processors."
Lendica provides customers two working capital products and an inventory finance offering. The data collected by Lendica partners is fully owned by the customer. Lendica helps these businesses leverage this data to qualify for non-dilutive funding to spark their business growth.
"It's our mission to connect cannabis and hemp businesses with best-in-class financial services, and Lendica's financing products are a great addition to this ecosystem," said Dan Roda, Co-Founder and CEO of Abaca, adding "We look forward to providing a seamless experience for our mutual clients by integrating the Lendica application center directly into Abaca Online Banking."
Jerry Shu, Lendica Co-Founder, adds, "It turns out that data is a great form of collateral. We built our web application to give businesses a simple and secure method to share their data. We are proud to integrate directly into our partner systems to make this process for customers even easier."
"We had been searching for a solution to help our customers fund purchase orders and increase sales velocity," says Arun Kurichety, COO & General Counsel at Petalfast. "The Lendica team has provided a cutting edge platform which seamlessly integrates into our sales process and provides a much needed service to our customers. We're excited to now offer our growing roster of brands instant access to non-dilutive funding."
Lendica invites all businesses to apply for instant access to working capital and inventory financing by visiting golendica.com/apply.
About Lendica Lendica enables large institutions and boutique originators to instantly qualify and issue debt capital. Lendica and its partners service all types of businesses including high growth/emerging industries and those recovering from COVID impact.
About Abaca Abaca connects state-legal cannabis and hemp businesses with compliant bank accounts, lending, electronic payments, and other financial services through its financial technology-powered cannabis banking platform. Deposit banking services are offered in partnership with chartered banks, Members FDIC. Abaca is currently working with plant-touching cannabis businesses in Arkansas, Illinois, Michigan, Missouri, Montana, North Dakota, Ohio and Oklahoma. The company's fintech banking platform also provides lending and payment processing solutions to cannabis and hemp/CBD businesses nationwide.
Jared Shulman CEO Lendica Corp. 9787600236 firstname.lastname@example.org
About Lendica Lendica is a Boston-based financial technology startup that creates smart underwriting technology to provide small and mid-size businesses with easy access to working capital.