UK-based embedded banking platform BankiFi has formed a partnership with Florida-based community bank Axiom Bank, bringing its small and medium-sized businesses (SMBs) offering to the US.
Through the collaboration, Axiom Bank’s SMB customers will be able to use BankiFi’s ‘Open Cash Management’ platform to improve how they track and manage their business finances.
Once embedded, the system can handle the collection, matching, and reconciliation of invoice payments submitted through various payment networks, including QuickBooks and Xero.
The partnership marks BankiFi’s first North American client since its launch in the US in July this year. BankiFi Americas is led by Keith Riddle, who was appointed to lead the expansion.
Mark Hartley, founder and CEO of BankiFi, said: “Currently, community financial institutions in the US are facing threats from fintech platforms, national banks and accounting package vendors that are offering a competitive suite of payment solutions to SMBs.
“However, through BankiFi, these valuable institutions can fight back, regaining the trust of North American SMB customers and providing them with the tools that they need. That’s why we’re so pleased to have a community bank of the stature of Axiom place its trust in us.”
Axiom Bank’s chief information officer Mike Coyne said that while SMBs across the US are “struggling right now”, he agreed that many banks are unable to offer the support they require effectively, “having seen their role in the financial ecosystem diminished in recent times”.
BankiFi and Axiom have said they will continue to update their offering to customers by adding new functionality to the platform, as they aim to “fill a void within the suite of digital financial workflows designed for the SMB vertical”.
John Zazzera, chief operating officer at Axiom Bank, added: “By incorporating BankFi’s innovative Open Cash Management platform within our existing BaaS framework, we’re able to go further than ever before in our support of our SMB customers.
“It’s a huge positive for us and supports our drive to attract more SMB customers from across the US.”
In August, BankiFi, which is based in Manchester in the UK, secured £4 million of additional investment led by Praetura Ventures and Greater Manchester Combined Authority.
The proceeds are intended to fund its global expansion, which is focused on North America, where BankiFi has established a US sales office.