Safe Harbor Financial Holdings, a cannabis-focused financial services provider, has bought Rockview Digital Solutions (doing business as Abaca), a financial technology company focused on serving the cannabis industry.
Abaca was launched in 2017 and built by banking, software and compliance professionals. The company has facilitated over $3.4 billion in gross transactions. The acquisition works to increase Safe Harbor’s customer base to include over 1,000 depository accounts across 40 states and U.S. territories and also adds Abaca’s financial technology service to Safe Harbor’s existing technology. The deal also aims to increase Safe Harbor’s projected monthly revenue by approximately 40 percent.
“Abaca’s comprehensive banking and financial technology platform provides cannabis businesses with a full suite of financial services including compliant bank accounts, treasury management, and payment capabilities, enabling us to continue on our path of becoming a one-stop-shop for cannabis banking solutions,” comments Sundie Seefried, founder and CEO of Safe Harbor.