BankiFi Secures USD 4.8 Million in Funding

The UK-based embedded banking solutions provider for small and medium-sized enterprises (SMEs), BankiFi, has raised an additional $4.8 million (GBP 4 million) to support its global expansion, particularly in North America, following the establishment of a U.S. sales office.

BankiFi’s Mission

According to Tech Startups, community financial institutions in the United States are facing increasing competition from fintech companies, national banks, and accounting package vendors that offer robust payment solutions for SMBs. BankiFi aims to assist millions of SMEs by partnering with banks and financial institutions to introduce advanced technology that enhances their digital banking infrastructure.

BankiFi’s Open Cash Management Platform

Founded in 2018, BankiFi’s core mission is to help over two million SMEs globally by 2024 through strategic partnerships with financial institutions. The company offers an open cash management platform and architecture designed to improve banks’ current digital banking systems, addressing the unique challenges faced by small businesses.

Investment Details

The latest funding round is led by Praetura Ventures, with support from other investors including Greater Manchester Combined Authority (GMCA). As per BankiFi’s CFO, this investment will enable the company to continue its expansion and assist banks in making all aspects of cash management and payments easier for SMEs worldwide.

BankiFi’s Global Presence

BankiFi maintains offices in Manchester, Ohio, Sydney, and Antwerp. In July 2022, the company expanded into North America by launching BankiFi Americas. The platform aims to address SMB requirements through digital workflows that accelerate payment collections, automate data integration with accounting platforms, and provide comprehensive insights for optimizing working capital.