Synctera, a San Francisco, CA-based leader in embedded banking and finance, raised an $18.6m Series A-1 extension to its 2021 Series A funding.
Lightspeed and Fin Capital co-led the round alongside participation from other previous investors NAventures and Diagram. New investors include Banco Popular and Mana Ventures. In March of 2023, Synctera had announced a $15m strategic investment led by NAventures, the corporate venture arm of National Bank of Canada, to expand its offerings into Canada, which was followed by its first Canadian customer launch in December 2023.
Led by Peter Hazlehurst, co-founder and CEO, Synctera provides an end-to-end BaaS platform that enables companies of all sizes to build and launch FinTech apps and embedded banking products quickly, with the highest level of compliance, and at a lower cost compared to building in-house or with multiple vendors and partners.
Last year, Synctera experienced sizable growth, including scaling ARR 4.5x, growing live customers more than 2x, and a 20x increase of spend on the platform. The company continued its trend of serving larger and more established programs, and serving an ever wider range of unique use cases.
To support Synctera’s 2024 surge, the company has added Leigh Gross as its Chief Revenue Officer (CRO). In 2024, the company plans to launch payment product SyncteraPay, an offering that allows companies with existing third party payment provider relationships to leverage the Synctera Platform accounts offering and ledger to process and settle payments, as well as support for FedNow, and expansion into new geographies and client segments.
FinSMEs
04/03/2024