BankiFi, which builds payment processing and financial administration services for SMEs, has bagged £2.2m in funding.
The round was led by Praetura Ventures, with it supplying 1.5m to the FinTech company. The remaining £700,000 was supplied by Greater Manchester Combined Authority.
This equity injection will help the company expand its product and service offering, grow its customer base and target new domestic and overseas markets.
Headquartered in Manchester, BankFi was created to help financial institutions improve their collaboration with SMEs. Banks can leverage the technology to offer SME clients with improved invoicing, payments, cash management and accounting integrated services.
BankiFi, founder and CEO Mark Hartley said, “SMEs and early-stage innovators are a vital pillar of our economy and will play an important role in UK’s post-pandemic recovery, but many continue to be hampered by inadequate banking services.
“BankiFi want to change that by putting banks at the heart of businesses’ day-to-day needs. Before the pandemic, invoice cycles took a month on average, meaning most businesses didn’t get paid for their services or products for more than 50 days. That delay has now increased to more than 70 days, putting immense pressure on the cashflow of many SMEs.”
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