Banking technology provider BankiFi has secured £4m in fresh investment to help fuel its global expansion plans.

This funding has been led by Praetura Ventures with other other investors including Greater Manchester Combined Authority (GMCA).

The Manchester-based FinTech will focus on the North American market following the recent establishment of a US sales office.

This strategic growth investment gives BankiFi the capital to bring its industry-leading embedded banking platform to more than two million SMEs across four continents by 2024.

Chris Fry, CFO of BankiFi, said: “With investments into technology companies starting to slow, this is a huge endorsement from our investors that proves we’re doing the right things as a business at BankiFi.

“This latest investment means we can continue our global expansion and focus on supporting banks to make all aspects of cash management and payments easier for SMEs everywhere.”

BankiFi expands operations into North America

BankiFi was founded six years ago by entrepreneur Mark Hartley to support the underserved SME market and now has offices in Manchester, Ohio, Sydney and Antwerp.

It’s on a mission to help over two million SMEs globally by 2024 through partnering with banks and financial institutions to provide technology designed to make business banking better.

BankiFi’s platform enables financial institutions to provide a set of integrated services – accounting, invoicing and payments – designed around the processes SME and trade customers use to run their business.

It equips banks and financial institutions to become customer centric, rather than product centric, increasing their revenues (direct and through actionable insights) and reducing costs.

EnviroTech 50 star Modern Milkman backed by Praetura Ventures

David Foreman, managing director of Praetura Ventures, 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 SMEs around the world.”