Manchester-based BankiFi nabs £4 million to boost embedded banking for SMEs

At a time when funding in fintech startups has slowed down, Manchester-based embedded banking solutions platform for small and medium businesses, BankiFi has raised £4 million in funding to continue its global expansion, especially in North America.

The funding comes on the back of its recent establishment of a U.S. sales office. The startup plans to bring its embedded banking platform to over two million SMEs across four continents by 2024 through its bank partners. The round was led by Praetura Ventures and backed by Greater Manchester Combined Authority (GMCA).

The UK-based fintech aims to enable 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.

Chris Fry, CFO of BankiFi said: “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. 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.”

David Foreman, managing director of Praetura Ventures added: “BankiFi has proven to be an open cash management provider in Europe, Australia, New Zealand and other countries. Now that they have launched in North America, the platform 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.”