£4m of further funding will boost US growth for fintech BankiFi
Manchester-based fintech BankiFi has received £4m of additional investment to continue its international expansion, specificially in North America.
The company, which focuses on small and medium-sized businesses, recently opened a US sales office.
This latest funding will give it the capital to bring its embedded banking platform to more than two million SMEs across four continents by 2024, through bank partners.
BankiFi provides an open cash management platform and architecture that transform a bank’s current digital banking infrastructure to address the specific issues of its SME portfolio.
The company says the investment is unique as all investors are existing shareholders, proving their confidence in BankiFi’s ability to help financial institutions across the globe benefit from its technology.
BankiFi CFO, Chris Fry, said: “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.
“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.”
This latest funding is led by Manchester-based Praetura Ventures, whose mission is to help companies reach their potential with both monetary and operational support. Other investors include Greater Manchester Combined Authority (GMCA).
David Foreman, Praetura Ventures managing director, said: “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.”