Synctera, a San Francisco, CA-based Banking as a Service (BaaS) company, raised $15m in funding.
The round was led by NAventures, (the corporate venture arm of National Bank of Canada), with participation from The Banc Funds (a private equity investor), and sponsor bank partners Veritex Community Bank, Midland States Bank, and Emigrant Bank.
The company intends to use the funds to scale its Banking as a Service platform to support new FinTech use cases and international markets.
Launched in 2020 and led by Kris Hansen, Chief Technology Officer, and Peter Hazlehurst, Chief Executive Officer, Synctera provides an end-to-end BaaS platform that enables companies of all sizes to build and launch FinTech apps and embedded banking products faster, and at a lower cost compared to building in-house or with multiple vendors and partners. With APIs, compliance support, and bank partners in one end-to-end Banking as a Service (BaaS) platform, the company’s tools enable users to build and launch bank accounts, debit cards, charge cards, lending, money movement, and more.
The company is also partnering with National Bank of Canada to help companies build and launch FinTech apps and embedded banking products in Canada.
Synctera, which has over 50 employees in Canada, plans to add support for new credit, lending, and other banking use cases – and expand into new geographies and client segments.
FinSMEs
09/03/2023