Syncfy raises $10m in seed funding to build open finance platform in Latin America
By Edlyn Cardoza
Syncfy, one of Latin America’s leading open finance platforms, announced $10 million in seed funding. The investment round was led by Point72 Ventures and includes investments from JAM Fund, Ausum Ventures, Avalancha Ventures, FJ Labs, MANTIS Venture Capital, and XBTO Humla Ventures. Notable angel investors include Tether Co-Founder Brock Pierce and Quantum Artificial Intelligence Engineer Hartmut Neven.
Syncfy’s platform enables single API access to financial data from 125+ different banks, digital wallets, tax authorities, utility providers, crypto exchanges, and blockchains across 15+ countries in Latin America and internationally. The company currently provides financial data aggregation and enrichment across its Connect, Fiscal, and Invoice Stamping API integrations.
Some of Syncfy’s customers include large banks, enterprise software companies such as BBVA and Intuit, and fast-growing startups, including FinTech unicorn Clara. Key customer use cases include personal financial management, credit underwriting, and accounting/tax integrations, amongst others.
“The positive response we’ve received from our customers in Latin America so far has been overwhelming, and the funding we are announcing today will enable Syncfy to meet the demand and bring financial automation to even more partners across the region,” said Gerardo Treviño, Co-Founder and CEO at Syncfy. “We are grateful to work with investors who share our vision to build the gold standard of open finance in Latin America and beyond.”
This financing round will enable Syncfy to invest in regional business development across Latin America and broaden its product suite. While the company was a first mover in Mexico, Syncfy plans to expand its customer base in Argentina, Brazil, and Colombia in particular. The company also plans to launch payment initiation solutions in key markets, enabling interoperable access to financial data and seamless funds transfer via API.
Pete Casella, Partner at Point72 Ventures, said, “While clear front runners for financial data aggregation have emerged in the developed markets, we believe that a greenfield opportunity exists in emerging markets to power the next wave of open banking. With their robust financial data and payments infrastructure layer, we believe Syncfy can help power the next wave of financial innovation in Latin America, enabling the creation of more inclusive financial solutions that can bring the underbanked into the financial system. We’re thrilled to support their vision.”
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March 24, 2023
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