Hypur

Hypur
Industry	Financial Services
Founded	2014; 8 years ago
Founder	Christopher E. Galvin
Headquarters	Scottsdale, Arizona, U.S.
Services	banking services; money service businesses; monitor transactions; electronic payments
Number of employees	40
Website	hypur.com

Short description: Payment and banking technology platform

Hypur is a Scottsdale-based payment and banking technology platform that was built to enable financial institutions to responsibly and sustainably bank highly regulated industries, such as cannabis.

Founded in 2014, the platform helps monitor transactions and provides the level of transparency needed to comply with government regulations.^[1]

Overview

Hypur is the result of the combined efforts of a team of banking compliance officials and software and payment entrepreneurs which includes Christopher E. Galvin, Michael J. Sinnwell, Jr., David J. Querciagrossa, Andre Herrera, Todd Fuller and Tyler Beuerlein.^[2] Together, they identified the gaps between traditional banking processes and the unique needs of emerging industries, including highly regulated ones, and built solutions for them.^[3]^[4]^[5]

Hypur's software which can be integrated with POS systems, provides a level of transparency needed to ensure compliance with state laws. The platform also has built in efficiencies for enhanced due diligence and document management that helps audit companies on state licenses, financial statements, tax returns, property leases, among others.^[2]^[1]^[6]^[7]^[8]

The Hypur platform enables financial institutions to support cash-intensive businesses, including money service businesses like payday lenders, check cashers, money transmitters, off-track betting and pawn dealers.^[9]^[1]

Hypur and its sister company Blue Line Protection Group partnered to facilitate logistics of cash pickup and delivery and allow financial institutions to deal with cannabis and money service businesses to be more transparent in their business dealings.^[10]^[4]^[11]^[12]^[13]

Hypur Pay

Hypur Pay provides a secure electronic payment alternative to cash, debit and credit cards.^[14]^[8]^[9] It provides banks and credit unions with real-time access to transaction data and can provide a chain of cash custody that enables permissible commerce to a regulatory challenged industry that is illegal under Federal Law.^[9]

Other features of the software includes, automated and intelligent document management, invoice capture, advanced reporting and customized alert notifications.^[2]^[15]

References

↑ ^1.0 ^1.1 ^1.2 Taylor, Harriet (2016-11-07). "The big moneymaker in legal pot might have more to do with data than drugs". CNBC. https://www.cnbc.com/2016/11/07/the-big-moneymaker-in-legal-pot-might-have-more-to-do-with-data-than-drugs.html.
↑ ^2.0 ^2.1 ^2.2 "Banking for Cannabis Companies Is About to Get Easier Thanks to This Startup". Inc.com. 2016-02-11. https://www.inc.com/will-yakowicz/the-startup-quietly-convincing-banks-to-accept-cash-marijuana-industry.html.
↑ "9 Cannabis Startups with Seed-to-Sale Solutions" (in en-US). Nanalyze. 2017-08-31. https://www.nanalyze.com/2017/08/9-cannabis-startups-seed-to-sale-solutions/.
↑ ^4.0 ^4.1 "Wauna Credit Union to serve cannabis-related businesses" (in en). St. Helens Chronicle. https://www.thechronicleonline.com/news/wauna-credit-union-to-serve-cannabis-related-businesses/article_6edfce1d-33cb-5a1c-864e-90e687188fc8.html.
↑ "Esta empresa busca ser la Visa de la mariguana legal" (in es). http://www.elfinanciero.com.mx/new-york-times-syndicate/esta-empresa-busca-ser-la-visa-de-la-mariguana-legal.
↑ "Cash: Budding Problem And Pot-Hole (For Banks)" (in en-US). 28 March 2017. https://www.pymnts.com/data-drivers/2017/cash-as-budding-problem-and-pot-hole-for-banks-michael-sinnwell-jr-hypur/.
↑ "Ohio hopes to close loop on growing legal cannabis industry" (in en). 13 November 2016. http://www.crainscleveland.com/article/20161113/NEWS/161119950/ohio-hopes-to-close-loop-on-growing-legal-cannabis-industry.
↑ ^8.0 ^8.1 Weed, Julie. "California Weed Entrepreneurs Will Make $5.2B In 2018 With Almost No Banks To Put It In" (in en). Forbes. https://www.forbes.com/sites/julieweed/2017/11/26/california-weed-entrepreneurs-will-make-5-2b-in-2018-with-almost-no-banks-to-put-it-in/#47c84b544e52.
↑ ^9.0 ^9.1 ^9.2 "A Solution for Banking Cash-Intensive Businesses: Lose the Cash" (in en). American Banker. https://www.americanbanker.com/news/a-solution-for-banking-cash-intensive-businesses-lose-the-cash.
↑ "Blue Line Protection Group Inc (OTCMKTS:BLPG) Strikes A Collaboration With Hypur" (in en-US). https://www.mmjobserver.com/blue-line-protection-group-inc-otcmktsblpg-strikes-a-collaboration-with-hypur/29300/.
↑ "Oregon credit union, tech firm to offer marijuana banking services" (in en-US). Marijuana Business Daily. 2018-01-19. https://mjbizdaily.com/oregon-credit-union-tech-firm-offer-marijuana-banking-services/.
↑ "Wauna partnering with Hypur to serve marijuana businesses". The Daily Astorian. http://www.dailyastorian.com/CRBJ/20180117/wauna-partnering-with-hypur-to-serve-marijuana-businesses.
↑ "Wauna Credit Union Partnering with Hypur to Service Oregon Cannabis-Related Businesses" (in en-US). CannabisFN. 2017-12-18. http://www.cannabisfn.com/wauna-credit-union-partnering-hypur-service-oregon-cannabis-related-businesses/.
↑ "Pot banking regtech is ready for its moment" (in en). American Banker. https://www.americanbanker.com/news/pot-banking-regtech-is-ready-for-its-moment.
↑ "As Marijuana Sales Grow, Start-Ups Step In for Wary Banks" (in en). https://www.nytimes.com/2016/02/17/business/dealbook/as-marijuana-sales-grow-start-ups-step-in-for-wary-banks.html.

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Original source: https://en.wikipedia.org/wiki/Hypur. Read more

[:2-1] 1.0 ^1.1 ^1.2 Taylor, Harriet (2016-11-07). "The big moneymaker in legal pot might have more to do with data than drugs". CNBC. https://www.cnbc.com/2016/11/07/the-big-moneymaker-in-legal-pot-might-have-more-to-do-with-data-than-drugs.html.

[:1-2] 2.0 ^2.1 ^2.2 "Banking for Cannabis Companies Is About to Get Easier Thanks to This Startup". Inc.com. 2016-02-11. https://www.inc.com/will-yakowicz/the-startup-quietly-convincing-banks-to-accept-cash-marijuana-industry.html.

[3] "9 Cannabis Startups with Seed-to-Sale Solutions" (in en-US). Nanalyze. 2017-08-31. https://www.nanalyze.com/2017/08/9-cannabis-startups-seed-to-sale-solutions/.

[St._Helens_Chronicle-4] 4.0 ^4.1 "Wauna Credit Union to serve cannabis-related businesses" (in en). St. Helens Chronicle. https://www.thechronicleonline.com/news/wauna-credit-union-to-serve-cannabis-related-businesses/article_6edfce1d-33cb-5a1c-864e-90e687188fc8.html.

[5] "Esta empresa busca ser la Visa de la mariguana legal" (in es). http://www.elfinanciero.com.mx/new-york-times-syndicate/esta-empresa-busca-ser-la-visa-de-la-mariguana-legal.

[6] "Cash: Budding Problem And Pot-Hole (For Banks)" (in en-US). 28 March 2017. https://www.pymnts.com/data-drivers/2017/cash-as-budding-problem-and-pot-hole-for-banks-michael-sinnwell-jr-hypur/.

[7] "Ohio hopes to close loop on growing legal cannabis industry" (in en). 13 November 2016. http://www.crainscleveland.com/article/20161113/NEWS/161119950/ohio-hopes-to-close-loop-on-growing-legal-cannabis-industry.

[:3-8] 8.0 ^8.1 Weed, Julie. "California Weed Entrepreneurs Will Make $5.2B In 2018 With Almost No Banks To Put It In" (in en). Forbes. https://www.forbes.com/sites/julieweed/2017/11/26/california-weed-entrepreneurs-will-make-5-2b-in-2018-with-almost-no-banks-to-put-it-in/#47c84b544e52.

[:4-9] 9.0 ^9.1 ^9.2 "A Solution for Banking Cash-Intensive Businesses: Lose the Cash" (in en). American Banker. https://www.americanbanker.com/news/a-solution-for-banking-cash-intensive-businesses-lose-the-cash.

[10] "Blue Line Protection Group Inc (OTCMKTS:BLPG) Strikes A Collaboration With Hypur" (in en-US). https://www.mmjobserver.com/blue-line-protection-group-inc-otcmktsblpg-strikes-a-collaboration-with-hypur/29300/.

[11] "Oregon credit union, tech firm to offer marijuana banking services" (in en-US). Marijuana Business Daily. 2018-01-19. https://mjbizdaily.com/oregon-credit-union-tech-firm-offer-marijuana-banking-services/.

[12] "Wauna partnering with Hypur to serve marijuana businesses". The Daily Astorian. http://www.dailyastorian.com/CRBJ/20180117/wauna-partnering-with-hypur-to-serve-marijuana-businesses.

[13] "Wauna Credit Union Partnering with Hypur to Service Oregon Cannabis-Related Businesses" (in en-US). CannabisFN. 2017-12-18. http://www.cannabisfn.com/wauna-credit-union-partnering-hypur-service-oregon-cannabis-related-businesses/.

[14] "Pot banking regtech is ready for its moment" (in en). American Banker. https://www.americanbanker.com/news/pot-banking-regtech-is-ready-for-its-moment.

[15] "As Marijuana Sales Grow, Start-Ups Step In for Wary Banks" (in en). https://www.nytimes.com/2016/02/17/business/dealbook/as-marijuana-sales-grow-start-ups-step-in-for-wary-banks.html.