Payteller, a Florida-based company who recently unveiled a line of self-service kiosk machines designed for businesses in the recreational and medical marijuana industries, announced on Wednesday that it has secured a $25 million investment.
The investor company, ISS Management LLC, agreed to an equity investment for large sum — exactly how much equity ISS will receive, however, was not disclosed.
The company’s new line of kiosk machines will provide the following services, all of which are specifically tailored to fit the unique specifications of the cannabis industry: “customer registration and authentication, cash collection and management, and (integration) with a number of point of sale systems and devices for end-to-end cash management that will meet or exceed all federal and state banking requirements.”
Payteller was founded in 2012 and its kiosks have served several different industries since its inception. CEO Jeff Foster said that Payteller plans on using the $25 million to continue expanding its service. “With the best kiosk in the market and sufficient capital on hand, we are now marshaling our resources to steer Payteller through this next growth phase and satisfy ever-growing market demand,” Foster said.
Photo Credit: Dank Depot
Get daily cannabis business news updates. Subscribe