KIND Financial
| Company type | Private |
|---|---|
| Industry | Financial technology, Cannabis compliance |
| Founded | 2013 |
| Founder | David Dinenberg |
| Headquarters | Los Angeles , United States |
Key people | David Dinenberg (founder and former CEO) |
| Products | Agrisoft Seed to Sale software, cash-management kiosks, KIND Pay system |
KIND Financial is a U.S.-based fintech startup specializing in services tailored for the cannabis sector. The company did not achieve a successful market entry, culminating in the resignation of its founder and CEO, David Dinenberg, on May 4, 2023.
History
Established in 2013 by David Dinenberg under the name Kind Banking, the enterprise initially positioned itself as the "Wells Fargo of marijuana banking" before rebranding to Kind Financial in late 2014. Dinenberg held the CEO role, with the firm's main office located in Los Angeles, California.
KIND developed a technology platform that delivers compliance and tracking solutions for cannabis growers, dispensaries, and regulatory bodies. The system oversees the complete lifecycle of cannabis operations, ensuring adherence to federal standards prescribed by FinCEN.
Its seed-to-sale compliance and tracking software, Agrisoft Seed to Sale, works in conjunction with KIND’s cash-management kiosks and KIND Pay system. This integrated platform is designed to facilitate secure and compliant connections between cannabis enterprises and financial institutions.
The company secured investment from a prominent group primarily based in Philadelphia, including venture capitalist Wayne Kimmel, musician John Legend, film producer Mike Jackson, Philadelphia Eagles running back Brian Westbrook, heiress Lindy Snider, tennis professional Andy Roddick, Philadelphia 76ers executive Billy King, Philadelphia Inquirer leader Greg Liss, and model-actress Brooklyn Decker.
Microsoft partnership
On June 17, 2016, KIND announced a collaboration with Microsoft aimed at serving governmental clients in states where marijuana sales are legalized. Despite financial support from a Texas bank, an Oklahoma investment fund, and multiple cannabis enterprises, KIND faced significant challenges due to the expensive regulatory environment at the federal level. The company stopped providing updates regarding its financial status and tax documentation. Subsequently, on May 4, 2023, founder and CEO David Dinenberg stepped down.
Dinenberg cited inadequate investor promotion efforts, his own legal complications involving $700,000 in court-mandated restitution, and residual impacts from the 2008 economic downturn as reasons for KIND's unsuccessful launch. Conversely, investors accused him of concealing his legal difficulties and misappropriating corporate resources.
Relaunch attempt
After Dinenberg's departure, investors initiated plans to revive KIND as a mobile application for cannabis product purchases. This initiative is being driven by Snider and Liss, who revealed on September 28, 2023, that they were actively searching for a new CEO. Since the founder left, KIND’s website has displayed a “down for maintenance” notice featuring the message: "Don't be sad that it's gone, be happy that it happened."