The billionaire music mogul participated in a $19 million funding round in a fintech firm that’s trying to solve the banking problem in the marijuana industry.
“We’re still a cash industry, and it’s 2021,” says Sherman. “It's hard to believe when we barely have cards in our pocket anymore with Apple Pay.”
But Flowhub’s point-of-sale tools help dispensaries hide the complexities of a cash-intensive industry. Flowhub’s software allows customers to use their debit cards at checkout, but the transaction is not a debit transaction, it’s technically an ATM withdrawal. “It’s not really debit, but it feels like it,” says Sherman.
For now, other payment processors will not serve the industry, giving Flowhub and its competitors a head start in one of America’s fastest-growing industries.
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