BaaS vendor Synctera lands additional $18.6m Series A cash injection


US-based Banking-as-a-Service (BaaS) platform Synctera has announced a $18.6 million funding boost, led by Lightspeed and Fin Capital, which adds to the company’s $33 million 2021 Series A.

The company says it will use its latest capital injection to head an expansion of its embedded banking and finance business, in an effort to support “increasingly larger and more complex use cases in additional international markets and in the US”.

Launched in 2020, the platform has “meticulously, and opportunistically” raised money to “double down on what’s working and accelerate our momentum with enterprise customers”, asserts Synctera’s co-founder and CEO, Peter Hazlehurst.

The most recent funding adds to the $15 million strategic investment secured by Synctera in 2023, which was utilised to expand into the Canadian market.

In addition, the company concurrently announced the appointment of Leigh Gross as its new chief revenue officer. Gross has over 10 years of experience in the space, most recently serving as sales lead at financial innovation vendor Array, and will work to support Synctera’s 2024 growth plans.

Going forward this year, Synctera has revealed its intention to launch its new payment product SyncteraPay, a solution which it claims will allow firms with “existing third-party payment provider relationships” to utilise its account offerings and ledger for payment processing and settlement.

Source: Fintech Futures