BankiFi

BankiFi is a British open banking platform that provides API-based white-label and full-stack infrastructure for banks to provide integrated financial services to its SME customers. These services include invoicing, payments and collections, accounting, cash management and forecasting, among others. BankiFi also handles licensing requirements through its infrastructure, in turn, allowing its users to either use BankiFi’s regulatory license or its own.

The company expanded its banking products in 2021 by offering two new products: 1) SME mobile banking service apps, and 2) Request to Pay (RTP) apps (dubbed “Incomeing”). Incomeing allows SMEs to facilitate instant payment collections by sending payment requests via text, email, Whatsapp, and QR codes. The solution was initially rolled out by The Co-operative Bank; however, it is also available to other businesses with SME clientele.

BankiFi, has a global presence with operations in the UK, Australia, Belgium, the Netherlands and Singapore. It also expanded its operations to North America in July 2022, to help SMEs in the region digitize and modernize their payments.

Key customers and partnerships

Accordingly, BankiFi partnered with Axiom Bank , a North American community bank, in October 2022, to improve cash management for Axiom’s SMB clients across the US. Axiom will offer its SMBs access to BankiFi’s “Open Cash Management” platform, enabling them to track and manage their business finances.

BankiFi also partnered with open banking infrastructure provider MX to enable data sharing, ID verification, and account connectivity, for BankiFi’s “Open Cash Management” platform users.

The company joined Visa’s Fintech Partner Connect in Europe - a program for Visa’s clients to deliver digital banking solutions - in March 2022, to expand BankiFi’s customer base and reach additional European markets.

Funding and financials

BankiFi raised GBP 4 million (USD 4.8 million) in August 2022, led by Praetura Ventures - marking its third funding raise since September last year - to invest in global expansion.