British embedded banking services provider BankiFi, which is focused on serving small and medium businesses (SMBs), has secured $4.8m for expanding in North America.
The latest funding was led by Praetura Ventures and it comes shortly after the firm announced the launch of BankiFi Americas to expand its global footprint.
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BankiFi will use the investment to support its aim of providing its embedded banking platform to over two million SMBs across four continents by 2024.
It provides an open cash management platform and architecture, which can be embedded into financial institutions’ existing infrastructure to offer services that suit the needs of SMBs.
BankiFi Americas 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.”
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By GlobalDataPraetura Ventures managing director David Foreman said: “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.”
