BankiFi secures US$4.8 million investment for North American expansion
BankiFi, a leading provider of embedded banking solutions for small and medium businesses in the UK and Australia, has secured US$4.8 million (£4 million) for its North American expansion. 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.”