BankiFi, a leading provider of embedded banking solutions for small and medium businesses (SME), has secured £4 million of additional investment to continue its global expansion, with a focus on North America following the recent establishment of a US sales office. This strategic growth investment gives BankiFi the capital to bring its industry-leading embedded banking platform to more than two million SMEs across four continents by 2024 through Bank partners.
BankiFi provides an open cash management platform and architecture that transform a Bank’s current digital banking infrastructure to address the specific issues of their SME portfolio. The investment is unique as all investors are existing shareholders, proving their confidence in BankiFi’s ability to help financial institutions across the globe benefit from its technology.
“With investments into technology companies starting to slow, this is a huge endorsement from our investors that proves we’re doing the right things as a business at BankiFi,” said Chris Fry, BankiFi CFO. “This latest investment means we can continue our global expansion and focus on supporting banks to make all aspects of cash management and payments easier for SMEs everywhere.”
This funding is led by Praetura Ventures, whose mission is to help companies reach their potential with both monetary and operational support. Other investors include Greater Manchester Combined Authority (GMCA).
“BankiFi has proven to be an industry-leading open cash management provider in Europe, Australia, New Zealand and other countries,” said David Foreman, managing director of Praetura Ventures. “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 SMEs around the world.”
BankiFi is on a mission to help over two million SMEs globally by 2024 through partnering with banks and financial institutions to provide technology designed to make business banking better. BankiFi’s platform enables financial institutions to provide a set of integrated services – accounting, invoicing and payments – designed around the processes SME and trade customers use to run their business. It equips banks and financial institutions to become customer centric, rather than product centric, increasing their revenues (direct and through actionable insights) and reducing costs. BankiFi’s offices are in Manchester, Ohio, Sydney and Antwerp.
For more information, visit www.bankifi.com.