Fintech Startup BankiFi Nabs $4.8M to Modernise SME Banking
- BankiFi raised $4.8M, led by Praetura Ventures, to expand embedded banking services for SMEs globally.
- The fintech targets North American growth following a new US sales office and aims to reach 2M+ SMEs by 2024.
- Its platform helps banks modernise cash management, integrating accounting, invoicing, and payments for business clients.
Embedded banking solutions provider BankiFi has secured $4.8 million in additional funding, led by Praetura Ventures with participation from Greater Manchester Combined Authority and others, to drive its global ambitions.
The UK fintech is focusing particularly on scaling its presence in North America after recently opening a US sales office.
Founded in 2018, BankiFi builds open cash management platforms that enable banks and financial institutions to modernise their business banking infrastructure for small and medium enterprises (SMEs).
By partnering directly with banks, BankiFi delivers integrated solutions for accounting, invoicing, and payments—addressing SMBs’ need for streamlined digital workflows, faster payments, automated data integration, and actionable business insights.
With this latest investment, BankiFi aims to onboard more than two million SMEs across four continents by the end of 2024.
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The company’s Open Cash Management platform allows banks to roll out advanced cash management and open banking solutions more cost-effectively, accelerating internal digital transformation and increasing customer-centricity.
BankiFi’s expansion comes as community financial institutions in the US face tough competition from fintechs and national banks, all vying to provide cutting-edge digital payment tools to SMEs.
With headquarters in Manchester and offices in Ohio, Sydney, and Antwerp, BankiFi is positioning itself as a key partner to banks looking to better serve small business clients worldwide.
Edited by Annette George
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