Machester-based fintech BankiFi has secured £4 million in funding to take its embedded bank-to-SME platform into new markets, with a focus on North America following the recent establishment of a US sales office
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.
The latest funding round is led by Praetura Ventures with support from Great Manchester Combined Authority. It follows a £2.2m injection by the same backers in September last year.
The firm, which has also received backing from Nationwide Building Society, Co-op Bank and TSB, was founded in 2017 by Mark Hartley, who previously scaled payments technology provider Clear2Pay, which was sold to FIS for circa €375m in 2014.
"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,” says 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 announced its expansion into North America last month, appointing financial services veteran, Keith Riddle, as it US lead.