BankiFi, a provider of embedded banking products for small- to medium-sized businesses (SMBs), announced that it had raised $4.8 million. The funds would be used for the company’s foray into the North American market.
BankiFi, a company founded in 2018 by Mark Hartley, aims to help more than two million SMEs globally by 2024 by working with banks and other financial institutions to create technologies that will improve business banking. According to the press release, the company’s offering enables banks to incorporate goods especially helpful to SMB operators into their products.
At the time, Chief Executive Mark Hartley said, “SMBs in the United States are facing the same problems we’ve seen in the United Kingdom and Australia, including late payments and time delays due to financial administration. Within our technology, we aim to transform services available to SMBs within community banking, across the U.S.”
BankiFi announced the launch of its U.S. operation in July of this year.
“Technology investments have been slowing down this year, and to see our investors show such a strong commitment is a huge vote of confidence in BankiFi’s direction and growth,” Keith Riddle, chief executive of BankiFi Americas, said in the release. “Our mission is to make all aspects of cash management and payments easier for SMBs everywhere, and this investment is another huge step to making that a reality.”
The funding is headed by Praetura Ventures, with participation from other investors, including Greater Manchester Combined Authority (GMCA).
Praetura Ventures Managing Partner David Foreman 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.”
In addition to Columbus, BankiFi has offices in Sydney, Australia, Antwerp, Belgium, and Manchester, England.