CA-based Synctera Secures an $18.6Million in Series A-1 Extension to its 2021 Series A Funding. With support from other prior investors, Lightspeed and Fin Capital, two of our current investors, led this round.
NAventures in addition to the diagram. Mana Ventures and Banco Popular are among the new investors. Synctera stated in March 2023 that it would expand its offerings into Canada with a $15 million strategic investment headed by NAventures, the corporate venture arm of National Bank of Canada. In December 2023, the company launched for the first time in Canada.
In comparison to building in-house or with multiple vendors and partners, Synctera offers an end-to-end BaaS platform that enables businesses of all sizes to quickly and cost-effectively build and launch FinTech apps and embedded banking products while maintaining the highest level of compliance. Peter Hazlehurst is the company’s CEO and co-founder.
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It saw significant growth last year, with ARR scaling 4.5x, live customer growth exceeding 2x, and platform spend increasing by 20x. The business kept up its pattern of providing services to more complex and well-established applications as well as an increasing number of unusual use cases.
Leigh Gross has joined Synctera as its Chief Revenue Officer (CRO) in order to help the company with its projected 2024 growth. The company intends to introduce its payment product, SyncteraPay, in 2024.
This offering enables businesses that already have relationships with third-party payment providers to utilize the Synctera Platform’s accounts offering and ledger for payment processing and settlement. Additionally, the company plans to expand into new client segments and geographies, and it will support FedNow.
About Synctera
Synctera’s platform, help in the businesses of all sizes can introduce FinTech or embedded banking solutions with the technical infrastructure, sponsor bank link, and regulatory framework they require. Companies can create and grow products like debit cards, bank accounts, charge cards, lines of credit, and money movement swiftly with just one set of robust APIs.
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