Dive Brief:
- Dama Financial tapped Patrick O'Boyle as its new CEO, the cannabis banking and payments fintech announced on Tuesday.
- Prior to joining the San Francisco-based company, O’Boyle was the senior vice president of Talus Pay’s banking partner division, Dama Financial said in a release. He was also a founding partner of MSP Consulting and a former partner with IT services and consulting firm Accenture.
- O’Boyle will be responsible for overseeing Dama Financial's strategic direction, growth initiatives and the launch of new products, the firm said.
Dive Insight:
Dama Financial partners with financial institutions to help marijuana firms access financial services. The firm claims to be the nation’s largest provider of banking and payment solutions for the cannabis industry.
While cannabis remains illegal at the federal level, a growing number of states have legalized cannabis for recreational and medicinal use, ushering in high demand for banking services among legal cannabis operators.
For banks willing to venture into the space, fintechs like Dama aim to ease the regulatory burden and risks associated with providing financial services to firms tied to the Schedule 1 drug.
“We are confident that Dama, its employees, and its shareholders will be well-serviced by
Patrick's leadership," said Ed Labry, Dama Financial’s executive chairman. "We are excited to start a new chapter for Dama with Patrick accelerating growth and continuing to develop integrated payments and software solutions which add value to the industry."
O’Boyle replaces Anh Hatzopoulos, Dama Financial's co-founder, who helped launch the firm in 2017. Hatzopoulos stepped down from the CEO position in September, but remains on the company’s board, according to her LinkedIn profile.
The firm did not give a reason for Hatzopoulos’ departure from the top post, and did not immediately respond to Banking Dive’s request for comment.
"I am excited to join the Dama team at a time where the industry is evolving," O'Boyle said in a statement. "I will continue to guide the Dama team to be an industry leader with high quality service and products to enable our customers to thrive.”
