Manchester-based BankiFi has partnered with TSB to launch a new app to enable small businesses to receive quicker payments and to better manage business finances.
The banking technology platform provider has worked with TSB to launch the new app, Revenu, in a bid to support TSB’s business clients to collect customer payments sent via SMS, WhatsApp, email and QR code.
It aims to simplify the invoice process by providing various accessible ways of receiving payment and accelerating access to working capital.
The app uses Open Banking infrastructure to ensure invoices are settled quickly and securely alongside connecting to existing accounting software, allowing SMEs to create, manage and view invoices in one place.
The release of the app follows a report from The Federation of Small Businesses, which recently highlighted a rise in delayed payment of invoices over the past three months which could impact over 400,000 SMEs.
BankiFi’s partnership with TSB follows a recent funding round of £2.2 million led by Manchester-based Praetura Ventures, with participation from Greater Manchester Combined Authority (GMCA.
Nick Reid (pictured), Head of Sales, Europe and North America BankiFi, said: “The impact of the pandemic is by no means over, especially for small businesses. That’s why we’re delighted to partner with TSB and put technology in the hands of businesses that directly addresses key challenges, such as late payments, facing the 5.5 million SMEs in the UK.
“It’s also one of the reasons we and TSB are both proud signatories to the Prompt Payment Code, committing to pay small businesses within 30 days, supporting healthy cashflow and enabling growth.”
Adeel Hyder, Business Banking Director, TSB, added: “Britain’s small businesses have shown incredible resilience to brave the tough trading climate under the pandemic. By launching Revenu, we are proud to further help their recovery, and future growth.
“Our latest digital solution will provide a vital boost to cashflow, while equipping customers with essential business management tools – at a time when these hard-working businesses need support the most.”
