P2P finance platform Bankify secures $250k investment

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fintech insurtech wealthtech regtech ai cybertech esg news

Finland-based P2P finance platform Bankify has secured a $250,000 investment from Reech Corporations Group.

Following the investment, Reech has become Bankify’s primary strategic equity partner and the largest external shareholder.

Bankify combines P2P finance, social channels, traditional banks and payment providers to offer users a personalised platform to manage balances, savings, spending. The free to use application allows users to set up social events, while the platform takes care of dealing with getting payments and reminding friends.

The capital injection will help the company to continue its growth and support global expansion plans. The platform is currently available in Finland, Ireland and the Netherlands, and Bankify plans to launch the product to new countries through Autumn, until it is available globally in January 2018.

In a joint statement Bankify founders Tero Lappalainen and Antti Tarakkamäki said, “Bankify is powering the development of the next generation in FinTech services internationally for our users and partners. Our partnership with Reech will allow us to bring our business to the next level by investing in our product development and market penetration globally.”

As part of the transaction, Reech founder and principal Christophe Reech will join the company’s board as a non-executive director.

The company’s next goal is to secure one million users globally and commercialise it alongside partners and channels.

Finland’s FinTech sector is on track to see a record year of funding, with the first half of 2017, pulling in $24.6m.

Copyright © 2017 FinTech Global

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