The Co-operative Bank's co-development deal with BankiFi to support SMEs worldwide
A new co-development deal has been struck between banking tech provider BankiFi and The Co-operative Bank, following the delivery of two successful projects.
Having created an SME mobile banking service and a new Request to Pay (RTP) app together with BankiFi, The Co-operative Bank has confirmed it will put an initial £500,000 towards a range of products focused on improving banks' offering to the SME market, with an initial focus on cash management.
The Manchester-headquartered bank will take the products to market, before making the services available to all banks worldwide to help them support small businesses.
BankiFi and The Co-operative Bank won Innovation of the Year at 2021's Prolific North Tech Awards, for their work responding to the needs of SMEs. The tech firm also recently secured funding worth £2.2 million in a round led by Praetura Ventures along with the Greater Manchester Combined Authority.
Mark Hartley (pictured), Founder and CEO of BankiFi, said: “Much like The Co-operative Bank, we’re firmly rooted in Manchester and are passionate about building world-leading solutions from our home... we're delighted that The Co-operative Bank have not only recognised the need to improve the banking services offering to the SME market, but have also chosen us as their technology partner to deliver those solutions.
“[The EU's SME definition] bundles what is an incredibly diverse group of businesses into one amorphous mass, when their needs and capabilities couldn’t be more different.
"With The Co-operative Bank, we recognise and want to help SMEs grow and service their unique needs on their entire journey, from sole trader up to a 250 person enterprise.”