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Synctera announces $18.6m funding boost, appoints new CRO for US expansion

By Delisha Fernandes

March 05, 2024

  • APIs
  • Banking-as-a-Service
  • Compliant Banking
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Synctera, embedded banking, National Bank of Canada, compliant banking, APIs, ompliance, Banking as a Service, Ledger, Embedded Finance, Debit Cards, Financial Services, Credit, Lending, FinTech news, FinTech USSynctera, embedded banking and finance provider, has raised an $18.6 million extension to its 2021 Series A round.

The investment is co-led by Lightspeed and Fin Capital, alongside participation from other previous investors, NAventures and Diagram. New investors include Banco Popular and Mana Ventures.

“We’ve been very fortunate to be able to meticulously and opportunistically raise money on the back of super strong growth to double down on what’s working and accelerate our momentum with enterprise customers,” said Peter Hazlehurst, co-founder and CEO of Synctera.

To support Synctera’s 2024 surge, the company has appointed Leigh Gross as its Chief Revenue Officer (CRO). With over a decade of experience in Fintech, Gross most recently led all sales and go-to markets at the financial innovation platform Array. One emerging use case for Synctera in 2024 has been international wealth management, a speciality that attracted BTG Pactual, the largest investment bank in Latin America. Synctera has partnered with BTG to offer accounts in the US for its LatAm clients.

The company has seen remarkable growth in the past year, including a 4.5x increase in ARR, doubling its live customer base, and a 20-fold increase in platform spend. These achievements highlight Synctera’s capability to serve larger and more established programs, reflecting its adaptability and the broad applicability of its platform.

Also, Synctera’s partnership with NAventures, the corporate venture arm of National Bank of Canada, has been a key driver of its expansion into Canada, marking a significant milestone with its first Canadian customer launch in December 2023.

Joshuah Lebacq of NAventures, said, “We are pleased by the progress we’ve made with Synctera in a relatively short time. We effectively unlocked new core banking and payment capabilities in months rather than years, which now serve as building blocks for long-term success. We knew that it was important to do things the right way, no matter how long it took, but the speed to market we’ve experienced exceeded expectations.”

In 2024, Synctera plans to launch payment product SyncteraPay. This offering 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.

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