BankiFi, which provides embedded banking solutions for small and medium businesses (SME), has bagged £4 million in additional investment. This round was led by Praetura Ventures (which invested in Futr, XR Games and Patchwork Health) along with participation from other investors such as Greater Manchester Combined Authority (GMCA).
The investment came close on the heels of appointing Tom Shen as chair of BankiFi’s global Board of Directors. As chair of the board, Tom will oversee top-level decision making and developments to help them grow globally and fulfil the company’s mission to provide innovative embedded banking platforms for small and medium businesses.
Expansion in North America
BankiFi will use the 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 the capital to enable the company to bring the industry-leading embedded banking platform to more than two million SMEs across four continents by 2024 through Bank partners.
“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.”
“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.”
Open Banking for SMEs
Founded by Mark Hartley in 2018, BankiFi specialises in Open Banking solutions for SMEs. Its 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.
The banking platform enables financial institutions to provide a set of integrated services, including 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 and reducing costs. 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.
Headquartered in Manchester, BankiFi operates from offices in Ohio, Sydney and Antwerp.