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Dama Financial, The Leading Provider Of Access To Banking And Financial Solutions For Cannabis Businesses, Announces The Completion Of $12.6 Million Growth Equity Raise

Apr 21, 2021•over 4 years ago
San Francisco

Description

Dama Financial ("Dama") the premier provider of access to banking and payment solutions through its FDIC-insured banking partners for the rapidly growing legal cannabis industry, today announced the completion of its $12.6 million Series B funding round, bringing Dama's total funding to approximately $24 million to date. The round was led by a group of strategic new investors. Currently serving over 7% of the legal cannabis businesses in California, operational in 12 states and with over 50,000 consumers with digital wallets in the United States, Dama has processed over $2 billion in transaction value since inception.

Company Information

Company

Dama

Location

San Francisco, California, United States

About

Based in South San Francisco, California, Dama is the cannabis industry's leading provider of access to banking and financial services, powering safe and secure depository solutions for top licensed cannabis operators throughout the United States as well as electronic consumer payment solutions. The Company was founded in 2017 by a team of world class FinTech and Payments executives to provide high risk industries with critical access to fundamental financial solutions.  Dama has leveraged its experience in other unbanked categories to develop solutions, driven by its proprietary technology platform, capable of navigating a complex web of regulatory and compliance requirements.  The Company's expansive product set, including Premier Business Banking, Paytender and CashToTax, fueled 350% top line growth in 2020.