- Provides access through bank partners to secure online, safe and convenient banking services for businesses in the cash-intensive cannabis industry
- Founded by banking and payments industry veterans experienced in building and scaling businesses
- Partnered with numerous financial institutions to help cash-intensive businesses reduce financial and safety risk, and run their businesses more efficiently
- Deposits held at partner banks are FDIC-insured up to $250,000 per account
Dama Financial, through its bank partners, provides cannabis-related businesses (CRBs) access to transparent, sustainable banking and payment solutions. Using innovative technology, data and artificial intelligence, Dama exceeds the compliance and regulatory requirements for servicing CRBs, bringing legitimacy to the rapidly growing cannabis industry. Dama’s comprehensive and compliant financial framework offers CRBs the option to maintain cashless operations, reducing their exposure to security risks while improving their business efficiencies and operational focus.
Background
As successful fintech entrepreneurs, Dama’s founders have a proven track record of building companies that have removed the barriers that exclude unbanked categories from accessing the fundamental financial solutions necessary to thrive. During the past three years, Dama’s leadership team has turned its focus to addressing the challenges burdening the cannabis industry – the unbanked category of our time.
On behalf of its bank partners, Dama offers access to:
Dama Premier
- Schedule recurring or ad-hoc appointments for secure cash pick-ups and delivery via armored courier
- Monitor activity in real time via desktop or mobile or be notified of transaction alerts via email or text
- Send payments via electronic ACH, wire-transfer or check to approved payees
- Receive electronic funds from approved partners
- Transfer money quickly between Dama-managed accounts
CashToTax℠
- Schedule secure cash pick-ups and delivery via armored courier
- Monitor activity in real time via desktop or mobile or be notified of transaction alerts via email or text
- Send electronic tax payments to approved tax authorities
- Monitor account activity 24/7 with online and mobile access
- No minimum balance or account fees
PayMyWay℠
- Accept electronic retail payments using the secure PayMyWay℠ mobile application
- Customers can fund the app using a linked bank account or debit card at checkout with any PayMyWay merchant
- Funds settle to the merchant’s PayMyWay Merchant account
- Integrates seamlessly with any point-of-sale system
All Dama clients enjoy:
- FDIC insurance on deposits of up to $250,000 per account
- Dedicated Relationship Manager for account-related inquiries
Dama Financial is an agent of its partnering financial institutions and licensed money transmitters. Customers’ funds will be deposited into a custodial account maintained for the benefit of account holders at one or more FDIC-insured institutions. Fees, terms and conditions apply to depositing funds into and using an Account. Account Terms and Conditions and Fee Schedule are available upon registration to access the online application.
For more information, visit the company’s website at www.DamaFinancial.com
NOTE TO INVESTORS: The latest news and updates relating to Dama Financial are available in the company’s newsroom at http://ibn.fm/Dama
