Newcastle-based FinTech Kani Payments has raised a multi-million pound investment to develop its platform and support its international expansion.
The company was founded in 2018 and its SaaS platform addresses the challenges of payment reconciliation and reporting faced by banks and other financial institutions.
Kani operates across five continents and has reconciled over £19bn in processed payments to date.
Its platform is currently used and trusted by many leading financial services companies such as Cardaq, Paysafe, Pluxee, and Transact Payments.
The funding comes from Maven Capital Partners and the transaction includes an investment from the Maven VCTs alongside NPIF II – Maven Equity Finance, which is managed by Maven as part of the Northern Powerhouse Investment Fund II (NPIF II).
A portion of the investment will be used to grow the FinTech’s team.
“This investment marks a pivotal moment in Kani’s evolution as we expand our automated reconciliation platform to meet surging global demand,” said Aaron Holmes, Kani Payments CEO.
“With processed payments exceeding €24bn (£19bn) and our client base spanning five continents, we see firsthand how critical automated reconciliation has become for financial institutions.
“Maven’s backing will accelerate our platform development and global expansion, particularly as we see increasing opportunities in markets where regulatory compliance and payment reconciliation complexity continue to grow.”
Rebecca MacDermid, investment manager at Maven Capital Partners, added: “Kani has developed an innovative, award-winning platform that is addressing a critical challenge in the fast evolving payments industry.
“We are excited to support Aaron and his team as they scale the business and expand into new global markets, particularly with significant opportunities emerging in the US.”
FT Partners served as the exclusive strategic and financial advisor to Kani.