Investment to bring BankiFi’s comprehensive open cash management platform to fourth continent

BankiFi, a leading provider of embedded banking solutions for small and medium businesses (SME), has secured £4 million of additional investment to continue its global expansion, with a focus on North America following the recent establishment of a US sales office. This strategic growth investment gives BankiFi the capital to bring its industry-leading 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 their SME portfolio. 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.

“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,” said Chris Fry, BankiFi CFO. “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 funding is led by 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).

“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 SMEs around the world.”

ENDS

About BankiFi

BankiFi is on a mission to help over two million SMEs globally by 2024 through partnering with banks and 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 SME and trade customers use to run their business. It equips banks and 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 Manchester, Ohio, Sydney and Antwerp.

For more information, visit www.bankifi.com.

About Praetura Ventures

Praetura Ventures is a Manchester-based venture capital firm which invests in early-stage, high-growth businesses across the UK, with a particular focus on supporting entrepreneurs across the North of England.   

Praetura Ventures is committed to adding value post-investment and providing the ‘more than money’ support that businesses need to grow, including additional expertise, resources, networks and guidance, to its investee companies.   

Since 2019, Praetura Ventures has backed over 28 companies, including North West headquartered businesses Culture Shift, XR Games and Peak.  

The firm also has a Venture Partner programme – an innovative and collaborative initiative that is aimed at experienced, connected and successful individuals who have a desire to add value and potentially provide mentorship, advice, introductions and investment to the next generation of entrepreneurs. In just a few months, the firm has grown its Venture Partner base to 85+ members, typically C-suite level individuals.   

Learn more at praeturaventures.com and LinkedIn