Business
Safe Harbor Financial Announces Completion of Abaca Acquisition
Safe Harbor adds more than 300 unique accounts to its platformIncreases operations to more than 40 states and U.S. territoriesExpands lending and technology
About this update from Shf Holdings, Inc.
[{"type":"text","content":"Safe Harbor adds more than 300 unique accounts to its platformIncreases operations to more than 40 states and U.S. territoriesExpands lending and technology capabilities and adds three additional financial institution relationshipsDeepens talent pool with experienced professionals, and further positions Safe Harbor as the leading financial technology platform facilitating cannabis financial servicesARVADA, Colo., Nov. 16, 2022 /PRNewswire/ -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (\"Safe Harbor\" or the \"Company\") (NASDAQ: SHFS), a leader in facilitating financial services to the regulated cannabis industry, announced today the closing of the acquisition of Rockview Digital Solutions, Inc, d/b/a Abaca (\"Abaca\"), an industry leading financial technology platform focused on serving the cannabis industry.\nThe acquisition increases Safe Harbor's customer base to include more than 1,000 unique depository accounts across 40 states and U.S. territories; adds Abaca's fintech platform to Safe Harbor's existing technology; increases Safe Harbor's financial institution client relationships and access to balance sheet capacity to five unique financial institutions strategically located across the United States; increases Safe Harbor's projected monthly revenue by approximately 40%; increases Safe Harbor's lending capacity; and nearly doubles Safe Harbor's team, adding to the existing talent pool of the cannabis industry's foremost financial services and financial technology experts.\nAbaca's technology was launched in 2017 and built by banking, software, and compliance experts, becoming an industry-leading cannabis financial technology platform. Abaca has facilitated more than $3.4 billion in gross transactions and has revolutionized access to compliant cutting-edge financial service solutions to the cannabis industry. Abaca's digital platform enables small, medium, and enterprise cannabis businesses to manage and consolidate financial operations nationwide, including commercial checking, ACH, wire payments, cash logistics, treasury management, and payroll.\n\"Safe Harbor and Abaca share a common vision, both working to reduce the barriers to entry into banking and other financial services for cannabis operators, and we're excited to continue pursuing that mission together,\" said Dan Roda, co-founder and CEO of Abaca. \"As ...