BankiFi Secures USD 4.8 Million in Funding

In a development reported by Tech Startups, UK-based embedded banking solutions provider BankiFi has secured an additional $4.8 million (GBP 4 million). This funding aims to support BankiFi’s expansion into new markets, with particular emphasis on North America.

BankiFi’s Mission and Solution

BekiFi’s mission is to assist millions of small and medium-sized businesses by partnering with banks and financial institutions. The company offers a cash management platform designed to enhance the digital banking infrastructure, addressing specific needs faced by SMEs.

Investment Details

The funding round was led by Praetura Ventures, alongside investment from Greater Manchester Combined Authority (GMCA). According to BankiFi’s CFO, this capital will enable the company to advance its global expansion plans and support banks in making cash management and payment processes easier for SMEs.

Founding and Expansion

Founded in 2018, BankiFi is committed to reaching over two million SMEs globally by 2024. The platform integrates services such as accounting, invoicing, and payments, tailored to the workflows of businesses and trade customers. This approach helps banks become more customer-centric, increasing revenues and reducing costs.

North American Expansion

In July 2022, BankiFi launched its presence in North America through BankiFi Americas. The platform focuses on streamlining payment processes for SMBs by using digital workflows to speed up collections, automate data integration with accounting platforms, and provide valuable insights to optimize working capital.

Open Cash Management Platform

In April 2022, BankiFi unveiled its Open Cash Management platform. This service allows banks to introduce modern solutions more cost-effectively, leveraging the benefits of embedded banking and Open Banking trends. By doing so, it helps accelerate internal modernization for banking companies.