Case Study: Paybotic Financial launches compliant cannabis banking platform with Praxent

Paybotic Financial launches compliant banking platform in 7 months with Praxent

Paybotic Financial, a provider of banking and merchant services for cannabis-related businesses, faced significant challenges due to the industry's complex regulations and stigma. These hurdles included a lengthy compliance-driven onboarding process and limited access to payment rails, and Paybotic lacked the in-house capacity for custom frontend development and integrations. They partnered with the software development vendor Praxent to design and build a compliant commercial banking portal.

Praxent designed and developed a streamlined, digital account opening process and integrated it with over eight fintech providers for banking-as-a-service, payments, and data. The solution included KYC/KYB compliance, ACH/wire/closed-loop payments, and corporate debit cards. As a result, Praxent helped Paybotic launch the neobank within just seven months, providing cannabis merchants with a secure and compliant platform for their financial operations.

Paybotic Financial