Manchester-based fintech BankiFi that specializes in payment processing and financial administration services for SMEs has bagged a £2.2 million investment in a funding round.
Praetura Ventures led the round alongside participation from the Greater Manchester Combined Authority (GMCA).
Of the £2.2 million, Manchester-based Praetura Ventures contributed £1.5 million while GMCA provided £700k. BankiFi plans to use the funds to scale its product and service offering, grow its client base, and target new domestic and overseas markets.
What they are saying
Mark Hartley, founder, and CEO at BankiFi, said: "The good news is that banks are beginning to see the sizeable opportunity to tap into this under-served market. Our software allows them to offer advanced services to SMEs, and we're seeing a real uptick in demand for our products as banks look to compete in this space. The Praetura Ventures team has deep sector insight with a track record of scaling fintech businesses, which we believe will be crucial in helping us grow our business."
David Foreman, Managing Director at Praetura Ventures, said: "The UK is Europe's established leader in FinTech, and the sector will play an important role in the future of the UK economy. The global market is forecast to almost triple in size to £380bn by 2030, so there's a clear opportunity for innovative businesses like BankiFi to scale up. It's such an exciting sector that we're always looking to invest in."
Councillor David Molyneux, GMCA lead for investment and resources, said: "We are delighted to be investing in BankiFi. This investment will boost the services BankiFi is already providing and assist in achieving its ambitious global ambitions. COVID-19 has amplified the importance of helping micro and small businesses reduce time spent on administration rather than doing the job, and BankiFi's products will be invaluable for fulfilling the post-pandemic opportunities for businesses."
BankiFi was founded in 2017 by Mark Hartley. The fintech's business model focuses on providing help to financial institutions better serve small and medium-sized businesses. The firm's technology equips banks to take on challengers and provide more agile customer-led services to SMEs instead of more traditional product-led offerings.
BankiFi allows banks to provide a set of integrated services, including invoicing, payments, cash management, and accounting, which are designed to help businesses reduce time spent on financial administration.