BankiFi launches in the US

Embedded finance solutions provider BankiFi has expanded into the US, with the launch of BankiFi Americas, led by newly-appointed Keith Riddle.

BankiFi’s open cash management platform enables financial institutions to provide integrated services, including accounting, invoicing and payments, that are designed around the processes small and medium-sized businesses (SMBs) and trade customers use to run their business.

“SMBs in the US are facing the same problems we’ve seen in the UK and Australia, including late payments and time delays due to financial administration,” said Mark Hartley, CEO and founder of BankiFi.

“Within our technology, we aim to transform services available to SMBs within community banking, across the US.”

BankiFi has hired Riddle to lead its US operation, having held executive roles at Sherpa Technologies and several firms specialising in digital banking, bill presentment and payment, EFT processing services, wholesale financial services and cloud computing.

Riddle said: “I’ve been following BankiFi’s incredible success in partnering with financial institutions to serve SMBs in the UK and realised the importance of enabling a comprehensive open cash management solution for financial institutions and their SMBs within the US.”

In his new role, Riddle plans to “build on what the UK team is doing in terms of digitising the critical small business workflows and embedding the solution within financial institutions’ digital channels, in what is certainly an exciting time for the sector”.

The expansion means that BankiFi now has offices in Ohio, Manchester, Sydney and Antwerp in Belgium.

Earlier this year, UK banking group TSB launched a payments app for its small business customers in partnership with Bankifi.