Simplifya, a Denver, CO-based provider of regulatory and operational compliance software for the cannabis industry, raised $6M in Series B funding.
The round was led by Blue Zone Wealth Advisors, with participation from existing investors Merida Capital and previous shareholders, as well as the addition of several new investors, including Mercury Payment Solutions Founder Jeff Katz, who also joined Simplifya’s Board of Directors.
The company intends to use the funds to expand its operational presence and implement and launch its newest product offering, TENDRTM (the product will launch in beta with POS clients before the end of Q2).
Led by Marion Mariathasan, Co-Founder & CEO, Simplifya provides TENDR, a cannabis industry’s compliant, cyber-secure B2B and retail consumer payment solution. Powered by payments industry technology leaders, the payment processing solution utilizes the Automated Clearing House in collaboration with an ODFI (Originating Depository Financial Institution) in order to ensure a compliant, lasting, payment solution for participating cannabis-related businesses (CRBs).
In addition, the product will make available a customizable digital commerce suite of solutions designed to empower its Point of Sale (POS) and Enterprise Resource Planning (ERP) partners to deliver an improved user experiences and customer loyalty to their cannabis industry clients. This suite of commerce solutions — which includes e-commerce, employee incentives, customer loyalty/rewards, and direct to consumer (DTC) marketing — is built on proven technology that has been in use for more than nine years by one of the largest coffee retailers in the country, boasting more than 11,000 locations worldwide.