BankFi, a technology platform that can be integrated with existing infrastructure to give access to banking services, has received funding alongside a partnership with The Co-operative Bank.
As part of the deal, The Co-operative Bank will invest £500,000 into BankFi to support the co-development of products aimed at improving the offering of banks to the SME market. The initial focus will be on cash management.
In line with the agreement, The Co-operative Bank will be the first to take any products developed to market. These services will be made to banks worldwide at a later date.
BankiFi Founder and CEO Mark Hartley said, “Much like The Co-operative Bank, we’re firmly rooted in Manchester and are passionate about building world-leading solutions from our home.
“With the UK home to approximately 5.5 million micro business owners1, we’re delighted that The Co-operative Bank have not only recognised the need to improve the banking services offering to the SME market, but have also chosen us as their technology partner to deliver those solutions.”
Headquartered in Manchester, BankFi is aimed at turning banks from being product centric into being customer centric. It offers a variety of technology services, including invoicing, payments and collections, accounting, cash forecasting, access to finance and more.
This partnership comes shortly after BankFi launched its SME mobile banking service and its request to pay app Incomeing, which allows SMEs to manage invoices, link their accounting software and receive payments.
BankFi recently raised £2.2m in a funding round in September to boost its international growth effort. The capital injection was led by Praetura Ventures, with support also coming from Greater Manchester Combined Authority.
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