Chicago News: Cannabis Payments, FinTech Partnerships, Record VC

As a Chicago-based publication, FInTech publishes occasional updates on FinTech news and reports from Chicago’s vibrant finance and technology organizations.

A Guide to Cannabis Payments

Building on success and partnerships in cannabis payments processing, AeroPay  published the 2021 Guide to Cannabis Payment Processing Solutions. The startup provides a platform that moves retail payments through low-cost automated clearinghouse processing.

“One of the most common issues faced by rising cannabis businesses is the need for reliable, consistent, and fully legal cannabis payment options,” the guide states. The interactive guide steps cannabis retailers through the options on a business that relies mostly on cash payments.

Making Bank-FinTech Partnerships Work

“Amid changing consumer behavior and competition from FinTechs, banks must rethink the customer connection.” With that premise, BAI opens its latest executive report. The organization has provided research to help banks make better decisions since the 1920s.

Banks must strengthen and reclaim their connection to customers, especially as the pandemic has heighted consumer use of digital solutions. “The lesson for banks is that nonbank providers have a playbook to reference as they offer a la carte options that have the potential to erode the core banking franchise. FinTechs are, in fact, strengthening their grip in the market.”

Incumbent banks will prefer acquisition as a means of working with FinTech firms. That won’t be easy but will pay off, says Randy Rivera, executive director at FinTEx in an interview.

“The question and the challenge is going to be, if you do make an acquisition of a company, will you be able to retain the benefits of the culture of that company, the way that company thinks, its innovative approach and the talent that ultimately drives all of that? If you can, then you’re winning in the long run. ”

The Windy City’s Breezy VC Results

TechCrunch features Chicago venture capital organizations in a special report on headlined,

When VCs turned to Zoom, Chicago startups were ready for their close-up. Data indicate that “Chicago’s ability to attract venture funds has risen to new heights in the first half of the year,” write Alex Wilhelm and Anna Heim.

“The picture that emerges from their comments is one of a city long underfed in capital terms leaning into a changing investing market. And the investors don’t expect that the back half of the year will be too different from the first. That means Chicago-based startups are in the middle of their best year of raising capital ever.”

US Bank Buys Chicago Payments Startup


The $542 billion bank holding company bought Bento for Business, reports ChicagoInno. The startup’s platform enables small- and medium-sized businesses to analyze, mange, and control corporate credit-card spending. The Chicago Payments Forum featured founder

Farhan Ahmad in a program on Navigating Startups from Seed to Series B.

Event: FinTech Trends in Wealth Management

The Chicago Payments forum focuses on wealth management at its online meetup 4:30-6:00 pm CDT on Wed. September 8. We’ll be joined by Lawrence Johnson, head of FinTech engagement at Morningstar, to hear about the state of the art in WealthTech and learn about some of the new firms. Stefania Di Bartolomeo, founder at Physis Investment, will give a demo of her firm’s platform for reporting on sustainable investments.

Register for the September Chicago Payments Forum for an engaging conversation on new wealth and investment management tools.