Payments

BankFi earns $4.8M in funding round

August 19, 2022

BankFi, an embedded banking solutions provider, has gained $4.8 million in a funding round. It will use the funds to expand into North America, according to a press release.

The company offers an open cash management platform to help financial institutions utilize their banking infrastructure to aid small-to-medium sized businesses. With this investment, BankFi will be able to provide its platform to more than two million SMBs across four continents by 2024, according to the release.

"Technology investments have been slowing down this year, and to see our investors show such a strong commitment is a huge vote of confidence in BankiFi's direction and growth," Keith Riddle, CEO of BankiFi Americas, said in the release. "Our mission is to make all aspects of cash management and payments easier for SMBs everywhere, and this investment is another huge step to making that a reality."