Embedded banking solutions provider BankiFi has secured $4.8 million (£4 million) funding to fuel its expansion plans into North America.
Manchester-based BankiFi announced its expansion into the region last month, and is eager to get fintech action amongst SMEs.
“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,” says Keith Riddle, CEO of BankiFi Americas.
This funding is led by Praetura Ventures, which is also based in Manchester.
BankiFi reckons the investment gives it the capital to provide its embedded banking platform to more than two million SMEs across four continents by 2024. It launched in Australia last year. It also does business in New Zealand and across Europe.
The fintech firm provides a cash management platform and architecture that financial institutions can embed into their current digital banking infrastructure.
- Not that long ago – read about ‘BankiFi Launches in North America’ here
BankiFi doesn’t speak in riddles and is generally clear about its intentions and activities.
In February it partnered with TSB to launch the Revenu app for small businesses.
The app is exclusive to TSB and will allow small businesses to collect customer payments from requests sent via SMS, WhatsApp, email and QR code.
There are about 5.5 million SMEs in the UK with fintech firms and banks constantly trying to stand out in a very competitive market.
Prior to that, BankiFi announced a co-development deal with the Co-operative Bank. This will see the bank invest an initial £500,000 with the funding to be used to co-develop a range of products for the SME market, with the initial focus being on cash management.
BankiFi’s offices are in Ohio, Manchester, Sydney and Antwerp.