BankiFi, a provider of embedded banking solutions for SMEs, has secured £4m of additional investment to continue its global expansion, with a focus on North America.
The investment, which is led by Manchester VC Praetura Ventures, and also includes Greater Manchester Combined Authority (GMCA), follows the recent establishment of a US sales office and gives BankiFi the capital to bring its industry-leading embedded banking platform to more than two million SMEs across four continents by 2024.
BankiFi provides an open cash management platform and architecture that transforms a Bank’s current digital banking infrastructure to address the specific issues of their SME portfolio. 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.”
David Foreman, Praetura’s MD, added: “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 SMEs around the world.”