Manchester-based fintech BankiFi has raised £4m in funding to ramp up its US expansion and push into new markets.
Manchester’s Praetura Ventures led the funding round, with support coming from the Manchester Combined Authority (GMCA) to make it a hattrick for the North West England city.
BankiFi builds white label financial software for small and medium-sized enterprises (SMEs). Its software can be used for invoicing, payments, accounting and cash forecasting.
The latest capital injection follows BankiFi opening its US sales office in July and appointing Keith Riddle as its US lead.
Chris Fry, CFO, BankiFi said: “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 raised £2.2m from both Praetura and the GMCA in September last year.
“BankiFi has proven to be an industry-leading open cash management provider in Europe, Australia, New Zealand and other countries,” said David Foreman, managing director, Praetura Ventures.
Foreman added: “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.”
It is the latest investment activity from Praetura Ventures, one of the most active investors in the North of England.
Last week the VC firm participated in Patchwork Health’s £20m Series B. In recent months Praetura has also backed a milk delivery startup that uses data analytics and Leeds-based VR specialist XR Games.
In June, Praetura secured a £5m commitment from British Business Investments.