Synctera, a banking-as-a-service startup, raised an additional $15 million as it expands into Canada, bringing its total raised to $60 million since its June 2020 inception.
The round was led by NAventures, the corporate venture arm of the National Bank of Canada, with participation from Private equity firm The Banc Funds and sponsor bank partners Veritex Community Bank, Midland States Bank and Emigrant Bank also participated in the round.
Synctera intends to add support for new credit, lending, and other banking use cases in 2023, as well as expand into new geographies and client segments. The company currently has 110 employees, with 50 in Canada, and is looking to hire more to help it grow in Canada.
Synctera has built a platform designed to bring together fintech companies and sponsor banks. It is currently working with 50 fintechs, 14 of which are live, including Wayapay and Float.
“Our goal is to do so in a way that makes it easy, fast, and flexible to scale features and engagement on the fintech side while also being very intentional, automated where it makes sense and most importantly dialed in on compliance and risk in a way that allows banks to feel confident in working with us and fintechs of all sizes,” said Peter Hazlehurst, Synctera’s co-founder, and CEO.
As part of the latest funding announcement, Synctera is also announcing that it is partnering with the National Bank of Canada to help companies launch fintech apps and embedded banking products in the country.
Company: Synctera Inc.
Funding Month: March 2023
Lead Investors: NAventures
Additional Investors: The Banc Funds, Veritex Community Bank, Midland States Bank, and Emigrant Bank
Company Website: https://www.synctera.com/
Software Category: Banking as a Service
About the Company: Synctera is a Banking as a Service (BaaS) company that develops and launches FinTech apps and embedded banking products for many industries. The company’s Banking as a Service platform allows you to quickly create and launch fully compliant bank accounts, debit cards, charge cards, lending, and other services. Synctera provides the platform, experiences, and programs for FinTech builders to create world-class products, and they facilitate transparent, efficient partnerships between compatible FinTech builders and community banks.