Co-operative Bank invests in Bankifi

The Co-operative Bank has invested £500,000 in Manchester-based fintech Bankifi as part of a major co-development deal.

The new fund follows the success of two projects, including the UK bank’s SME mobile banking service and the new Request for Payment (RTP) application, Incoming, which can allow SMEs to capture invoices, connect to their software and receive payments.

The money will be spent to develop other products for the SME market, starting with finance management.

Recent funding from Co-operative Bank following a recent release of £ 2.2 million led by Manchester-based Praetura Ventures with participation from the Greater Manchester Combined Authority (GMCA), has increased in 2019 Global first planting.

Catherine Douglas, managing director of Co-operative Bank, said: “We are committed to building on technologically advanced technologies that have expanded our Business Banking plan to serve various SMEs by 2021. Work ma; Investing, technology professionals like BankFi will enable us to deliver a common vision to support small businesses and SMEs with technological solutions that help them thrive. ”

The cooperative will first take any fixed products on the market, but those services will be available to other banks.

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