Integrated banking service provider BankiFi raises $4.8 million

BankiFi, a provider of integrated banking products for small and medium-sized enterprises (SMEs), announced on Monday August 15 that it had raised $4.8 million, with the funds earmarked for its expansion in North America.

The company’s offering allows banks to integrate products that are particularly useful for SME operators into their products, according to the version. The funding, led by Praetor Ventures, came solely from existing shareholders.

BankiFi recently opened its US headquarters in Columbus, Ohio, and announced plans to use the capital to bring its services to “more than two million SMEs on four continents by 2024.”

“Technology investments have slowed this year, and seeing our investors show such strong commitment is a huge vote of confidence in the direction and growth of BankiFi,” Keith Riddle, managing director of BankiFi Americas, said in the statement. “Our mission is to make all aspects of cash management and payments easier for SMEs around the world, and this investment is another important step in making that a reality.”

David Foreman, Managing Partner of Praetura Ventures, added: “BankiFi has proven to be a leading open cash management provider in Europe, Australia, New Zealand and other countries. Now that they’ve launched in North America, BankiFi has a dramatic growth opportunity. »

BankiFi announced the launch of its operation in the United States in July this year.

See also: BankiFi Americas launches in the US with a focus on small business banking

At the time, chief executive Mark Hartley said: “SMEs in the US are facing the same issues we have seen in the UK and Australia, including late payments and delays due to financial administration. As part of our technology, we aim to transform the services available to SMBs within community banking, across the United States”

In addition to Columbus, BankiFi has offices in Sydney, Australia, Antwerp, Belgium and Manchester, England.

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