BankiFi, a provider of embedded banking products for small- to medium-sized businesses (SMBs), announced Monday (Aug. 15) that it has raised $4.8 million, with the funds earmarked for its expansion into North America.
The company’s offering lets banks embed products that are particularly useful for SMB operators into their products, per the release. The funding, led by Praetor Ventures, came solely from existing shareholders.
BankiFi recently opened its U.S. headquarters in Columbus, Ohio, and it said it intends to use the capital to bring its services to “more than two million SMBs across four continents by 2024.”
“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,” Keith Riddle, chief executive of BankiFi Americas, said in the release. “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.”
Praetura Ventures Managing Partner David Foreman added, “BankiFi has proven to be an industry-leading open cash management provider in Europe, Australia, New Zealand and other countries. Now that they have launched in North America, BankiFi has an opportunity for dramatic growth.”
BankiFi announced the launch of its U.S. operation in July of this year.
At the time, Chief Executive Mark Hartley said, “SMBs in the United States are facing the same problems we’ve seen in the United Kingdom and Australia, including late payments and time delays due to financial administration. Within our technology, we aim to transform services available to SMBs within community banking, across the U.S.”
In addition to Columbus, BankiFi has offices in Sydney, Australia, Antwerp, Belgium, and Manchester, England.
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