Manchester, UK-based BankiFi, a provider of embedded banking solutions for small and medium businesses (SMEs), announced on Monday that it has raised $4.8M (approximately €4.72M) in a fresh round of funding to expand into North America.
The company claims that by 2024 it will have the resources to offer its embedded banking platform to more than two million SMBs on four continents.
CEO of BankiFi Americas, Keith Riddle, says, “Technology investments have been slowing down this year, and to see our investors show such a strong commitment is a huge vote of confidence in BankiFi’s direction and growth. Our mission is to make all aspects of cash management and payments easier for SMBs everywhere, and this investment is another huge step to making that a reality.”
The investor
This round was led by Praetura Ventures, a venture capital firm whose mission is to help companies reach their potential through monetary and operational support.
David Foreman, managing director of Praetura Ventures, says, “BankiFi has proven to be an industry-leading open cash management provider in Europe, Australia, New Zealand and other countries. Now that they have launched in North America, BankiFi has an opportunity for dramatic growth. We’re looking forward to continuing our partnership and seeing their solutions continue to transform bank channels, in order to support SMBs around the world.”
Providing the financial tools businesses need to thrive
Founded in 2018 by Mark Hartley, BankiFi was established on a straightforward idea – How can banks beat the wave of disruption brought on by technological advancements and regulatory changes? How can they reverse it and make it work in their favour?
The company says, “We are here to help banks become and remain more relevant to the SME while at the same time protect and proactively drive banks’ core business: lending. As well as all that we create new value-added revenue streams by enabling banks to provide “beyond banking” services that customers need and will pay for.”
BankiFi offers an open cash management platform and architecture that helps financial institutions to provide a set of integrated services – accounting, invoicing and payments – designed around the processes SMB and trade customers use to run their business. It enables financial institutions to shift their focus from product to customer, boosting revenues (both directly and through actionable insights) and cutting costs.
BankiFi aims to help over two million SMBs globally by 2024 by partnering with financial institutions to provide technology designed to make business banking better.
Currently, the company has offices in Ohio, Manchester, Sydney and Antwerp.
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