- BankiFi announced a $4.8 million funding round today led by Praetura Ventures.
- The U.K.-based company will use the funds to expand into the U.S. and inch closer toward its mission to serve two million SMBs across four continents by 2024.
- The Series A round brings BankiFi’s total funding to $8.5 million.
Embedded banking solutions firm BankiFi landed $4.8 million today to help fuel its expansion into North America. The Series A round brings BankiFi’s total funding to $8.5 million. The investment round is led by Praetura Ventures and will help U.K.-based BankiFi further its mission to serve two million SMBs across four continents by 2024.
“BankiFi has proven to be an industry-leading open cash management provider in Europe, Australia, New Zealand and other countries,” said Praetura Ventures Managing Director David Foreman. “Now that they have launched in North America, BankiFi has an opportunity for dramatic growth.”
Founded in 2018, BankiFi empowers banks to offer their small business clients a cash management platform that helps with accounting, access to working capital, invoicing, and payments. By embedding a bank within their clients’ existing accounting systems, it becomes part of the business’ daily workflow.
“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,” said BankiFi Americas CEO Keith Riddle.
In April, BankiFi launched its Open Cash Management Platform, or what it calls a “super app” for small business banking that bolstered the company’s previous offering by combining embedded banking and open banking. Earlier in the year, the company was tapped by U.K.-based TSB to launch a new app that helps small businesses get paid faster.
BankiFi has offices in Ohio, Manchester, Sydney, and Antwerp, and recently appointed Tom Shen as chair of its board of directors. Mark Hartley is CEO.
Photo by Karolina Grabowska
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Author: Julie Muhn (@julieschicktanz)