COLUMBUS, Ohio--(BUSINESS WIRE)--BankiFi, a leading provider of embedded banking solutions for small and medium businesses (SMB), has secured $4.8 million for global expansion into North America. This strategic growth investment gives BankiFi the capital to provide its industry-leading embedded banking platform to more than two million SMBs across four continents by 2024.
BankiFi provides an open cash management platform and architecture that financial institutions embed into their current digital banking infrastructure to address the specific issues of their SMB portfolio. The investment is unique as all investors are existing shareholders, proving their confidence in BankiFi’s ability to help North American financial institutions benefit from its technology.
"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,” said Keith Riddle, CEO of BankiFi Americas. “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.”
This funding is led by Praetura Ventures, whose mission is to help companies reach their potential with both monetary and operational support.
"BankiFi has proven to be an industry-leading open cash management provider in Europe, Australia, New Zealand and other countries,” said David Foreman, managing director of Praetura Ventures. “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 SMBs around the world.”
BankiFi is on a mission to help over two million SMBs globally by 2024 through partnering with financial institutions to provide technology designed to make business banking better. BankiFi’s platform enables financial institutions to provide a set of integrated services – accounting, invoicing and payments – designed around the processes SMB and trade customers use to run their business. It equips financial institutions to become customer centric, rather than product centric, increasing their revenues (direct and through actionable insights) and reducing costs. BankiFi’s offices are in Ohio, Manchester, Sydney and Antwerp. For more information, visit www.bankifi.com.