UK-based embedded banking solutions provider for SMEs, BankiFi , has secured USD 4. 8 million in funding, according to techstartups.

com . According to Tech Startups, community financial institutions in the United States continue to face threats from fintech companies, national banks, and accounting package vendors that are offering a competitive suite of payment solutions to SMBs. BankiFi is reportedly on a mission to help millions of SMEs through partnering with banks and financial institutions to provide technology designed to make business banking better, the publication states.

Bankifi is a UK fintech startup that provides an open cash management platform and architecture that are designed to improve banks’ current digital banking infrastructure to address the specific issues facing small and medium businesses (SMEs). BankiFi secured USD 4. 8 million (GBP 4 million) of additional investment to continue its global expansion, with a focus on North America following the recent establishment of a US sales office.

This investment gives BankiFi the capital to bring its embedded banking platform to more than two million SMEs across four continents by 2024 through bank partners, Tech Startups state. Who led BakiFi’s founding round This funding is led by Praetura Ventures, with participation from other investors including Greater Manchester Combined Authority (GMCA). According to BankiFi’s CFO, ‘this latest investment means the company can continue its global expansion and focus on supporting banks to make all aspects of cash management and payments easier for SMEs everywhere’.

Founded in 2018, BankiFi aims to help over two million SMEs globally by 2024 by partnering with banks and financial institutions to provide technology designed to make business banking better. BankiFi’s platform enables 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. The fintech startup also equips banks and financial institutions to become customer-centric, rather than product-centric, increasing their revenues (direct and through actionable insights) and reducing costs.

BankiFi’s offices are in Manchester, Ohio, Sydney, and Antwerp, techstartups. com concludes. BankiFi expanded in North America In July 2022, embedded banking solutions provider BankiFi expanded into North America with the launch of BankiFi Americas.

The platform addresses reportedly critical SMB requirements through digital workflows that collect payments faster, automate data integration with accounting platforms, and provide comprehensive insights to optimise working capital, as stated by the company. BankiFi’s Open Cash Management Platform for SMBs In April 2022, banking technology provider BankiFi launched its Open Cash Management platform to give customers access to modern solutions. BankiFi’s Open Cash Management platform allows banks to launch a service to their customers reportedly more cost-effectively than they could do themselves.

The platform can help banking companies to harness the advantages of embedded banking and Open Banking trends. In doing so, the solution can help banks to accelerate the process of internal modernisation, as stated by the company. .