Open Cash Management Platform BankiFi nets £4M to boost banking for SMEs

August 16, 2022 | 2 minutes read

Fintech BankiFi, the Open cash management platform receives funding of £4M to fulfill SMEs banking needs.

Manchester based Bankifi nabs £4 million to equip banks and financial institutions with financial tools. In a round led by Praetura Ventures and backed by Greater Manchester Combined Authority (GMCA). With this fresh injection of funds the startup aims to expand globally.

Chris Fry, CFO of BankiFi in regards to investment said

” 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.”

With tons of fintech startups like, Clearbank, Tot  , Flowdesk,and  kevin working in the Europeon fintech market- this UK based startup provides financial institutions with a set of integrated services. Such as accounting, invoicing and payments-especially designed around processes SME and trade customers use to run their businesses. In addition to all this, the startup also equips banks and financial institutions to become  customer centric, rather than product centric, thus helping them to increase their revenues and reducing their cost.

Fintechs offering the list of advantages such as efficient transfer of money,  security, and financial inclusion etc have disrupted the banking industry . And as per stats, the fintech market is expected to reach $309.98 billion this year more than twice its 2018 value of $127.66 billion.

However, Bankifi being the dominant player in the market is committed to helps the business with its branches across the globe. Such as in the UK, US, Australia, and Belgium.

The startup prefers to call itself bank technologists that comprehend banking problems and threats banks face making them uniquely as right partner for a bank to provide best in class embedded banking experience for SMBs.

The startup is on a mission to assist two million small businesses, globally till 2024.