BankiFi Americas Launches in US With Focus on Small Business Banking

British embedded banking FinTech firm BankiFi has landed in North America with the debut of BankiFi Americas, a move that supports the digitization and payment modernization requirements of small- to medium-sized businesses (SMBs).

BankiFi’s open cash management platform and architecture allow financial institutions (FIs) to embed a solution that can be personalized to meet the needs of their SMB clients, using digital workflows to collect payments, automate data integration with accounting platforms and offer insights on optimizing working capital, according to a Wednesday (July 20) press release.

“SMBs in the United States are facing the same problems we’ve seen in the United Kingdom and Australia, including late payments and time delays due to financial administration,” said BankiFi Founder and CEO Mark Hartley in the release. “Within our technology, we aim to transform services available to SMBs within community banking, across the U.S.”

Keith Riddle, who has more than 35 years of experience in the financial sector, has been appointed to lead BankiFi Americas. Riddle previously was president and CEO at Sherpa Technologies from January 2019 through April 2022. He also has worked at companies that specialize in digital banking, bill presentment and payment, electronic fund transfer (EFT) processing services, wholesale financial services and cloud computing, the release stated.

Riddle said in the release that he has followed BankiFi’s business in the U.K. “and realized the importance of enabling a comprehensive open cash management solution for financial institutions and their SMBs within the U.S.”

In September, BankiFi secured a $3 million investment in a funding round aimed at expanding its products and services, adding to its client base and targeting new national and international markets.

Read more: FinTech BankiFi Raises $3M to Help Banks Better Serve SMBs

In an interview with PYMNTS last year, Hartley spoke about the importance of open banking to help SMBs receive timely payments, manage cash flow more efficiently and ultimately grow.

See more: Open Banking Emerges as Key to SMB Cash Flow in UK