35. BankiFi

Founder: Mark Hartley

Website: https://www.bankifi.com/

Business: A fintech platform designed to improve the business banking process, helping banks provide a range of integrated services, including invoicing, accounting and more.

Bankifi was created in 2016 around a simple premise; to help banks get ahead of the wave of disruption caused by advances in technology and changes in regulation. The company is committed to creating new value-added revenue streams by enabling banks to provide “beyond banking” services that customers need and are willing to pay for.

The Bankifi platform allows banks to reimagine their relationship with business customers. The solution can be embedded by banks within their customers’ daily workflows. To this end, the platform helps to address the following challenges:

Invoicing: With Bankifi, clients can create and send invoices to their customers. At the same time, the solution can be easily incorporated into existing accounting packages to handle the same task.

Payments and Collections: By using Bankifi, banking customers can pay their suppliers quickly. More importantly, the solution automates receivables and late payment chases, whilst automatically matching and reconciling both payables and receivables within existing accounting packages.

Accounting: As stated, banking customers can link Bankifi to one of the many online accounting packages. Alternatively, banks can offer the solution as a self-branded book-keeping service of their own.

Cash Forecasting: With Bankifi, banks can provide their customers with a service that not only displays current cash balances, but also recommends cashflow optimisations.

Access to Finance: When cash is tight, Bankifi gives users all the data needed to make proactive lending suggestions – whether it’s on a customer’s balance sheet, or that of a partner.

There are 5.5m small businesses in the UK, equating to 99% of all private businesses. These companies employ 60% of the country’s workforce and are responsible for contributing £6.5 billion in revenues to the nation’s GDP. Over the next year, Bankifi aims to target these businesses and to help them overcome their administrative burdens.

In September 2021, Bankifi raised £2.2 million in funding from Praetura Ventures and the Greater Manchester Combined Authority (GMCA) and won its first flagship customer in the Co-operative Bank. In the past, the company has also received financial backing from FIS, the world’s largest fintech.

In general, Bankifi aims to sell its products to all corners of the world. By the end of 2022, Bankifi aims to have a customer in each geographic region and to be recognised as a true global software company. By 2024, the company aims to be helping more than two million small to medium sized enterprises around the world.

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