Company poised to continue strong growth and become a leading SMB Banking Platform in North America in 2023
BankiFi, a fintech aimed at helping small/medium-sized businesses (SMBs) by putting banks and financial institutions back at the heart of business, finished the year strong with a series of milestones that position it to become a leader in the SMB banking space in 2023.
“We have designed and enabled our suite of services based upon the unique needs of the small business customer, the ultimate end user, in all scenarios – we don’t think of what we provide in terms of our suite of digital solutions as embedded banking in a traditional sense”
In July, BankiFi announced its expansion of operations into North America, with a subsequent $4.8 million in funding raised to kickstart this campaign. The capital will help BankiFi’s goal of providing its embedded banking platform to over two million SMBs across four continents by 2024. This comes as a result of financial institutions in the United States facing existential threats from non-bank service providers, payment platforms, and accounting package vendors that are offering a competitive suite of payment solutions, credit, and digital services to SMBs.
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As part of their expansion into North America, BankiFi also appointed Tom Shen as chair of the company’s global Board of Directors, Danny Piangerelli as Chief Technology Officer and Fred Dumas as Chairman. Together, they bring decades of industry experience in ways that will improve the leadership and technological aspects of the company.
Within four months of U.S. expansion, BankiFi won its first North American customer, Axiom Bank. The partnership will enable Axiom to continually update their offering to customers by adding new functionality to an already industry-leading platform. In doing so, the two companies aim to fill a void within the suite of digital financial workflows designed for the SMB vertical. The solution allows payments to be collected faster, data integration to be automated, and valuable business insights to be readily available within a unified digital experience.
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BankiFi also partnered up with its first major open finance provider, MX Technologies. Through this collaboration, financial institutions will be able to bring account connectivity and data access to a robust suite of banking solutions tailored to the unique needs of small to medium-sized businesses. This partnership coupled with BankiFi’s integrations with leading accounting platforms provides SMBs with a holistic view of accounts receivable and payment activity, as well as a centralized platform to view operating accounts.
BankiFi has also been shortlisted as a finalist for the 12th Annual BAI Global Innovation Awards: The financial services industry’s leading innovation honor. this award serves as a notable feather in BankiFi’s already impressive cap.
“We have designed and enabled our suite of services based upon the unique needs of the small business customer, the ultimate end user, in all scenarios – we don’t think of what we provide in terms of our suite of digital solutions as embedded banking in a traditional sense,” said Keith Riddle, CEO of the Americas at BankiFi. “We provide an offering that allows FI’s to become more customer-centric, and less product-led in terms of their mindset by allowing their SMB customers to integrate their accounting package and other administrative platforms, straight into the bank’s branded digital channel.”
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