BankiFi, a provider of embedded banking solutions for SMEs, has raised $4.8m for global expansion in North America.
The funding round was led by Praetura Ventures, who claim their mission is to help firms reach their potential with both monetary and operational support.
According to BankiFi, this strategic growth investments gives it the capital to provide its industry-leading embedded banking platform to more than two million SMBs across four continents by 2024.
BankiFi provides an open cash management platform and architecture that financial institutions embed into their current digital banking infrastructure to address the specific issues of their SMB portfolio.
BankiFi CEO Keith Riddle said, “Technology investments have been slowing down this year, and to see our investors show such a strong commitment is a huge vote of confidence in BankiFi’s direction and growth. Our mission is to make all aspects of cash management and payments easier for SMBs everywhere, and this investment is another huge step to making that a reality.”
Praetura Ventures managing director David Foreman added, “BankiFi has proven to be an industry-leading open cash management provider in Europe, Australia, New Zealand and other countries. Now that they have launched in North America, BankiFi has an opportunity for dramatic growth. We’re looking forward to continuing our partnership and seeing their solutions continue to transform bank channels, in order to support SMBs around the world.”
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