Synctera introduces BYOB

By introducing the BYOB model, Synctera aims to allow customers to utilise the Synctera Platform while also retaining the flexibility to collaborate with whichever bank they want. When it comes to sponsor banks of the company’s BYOB customers, the platform provides them with assurance that their partner’s banking product is developed leveraging compliance-first infrastructure that integrates accounting principles and a complete reconciliation engine.

Furthermore, one of the first clients of BYOB is Beacon, a platform that enables immigrants moving to Canada with the tools and resources they require. The company aimed to deliver embedded financial products that enabled customers to open accounts and set up cards before arriving in Canada. According to Beacon’s officials, the BYOB model offered the company the necessary elements to develop a product and a suite of tools to manage operations and compliance at scale.

In addition, Synctera mentions that the BYOB model can be utilised by customers requiring a complete platform to build and manage banking products while also partnering with a sponsor bank they have a previous relationship with or one that has specific features. Moreover, the company delivers a fully managed offering, Managed by Synctera, and a hybrid offering, Powered by Synctera, to assist customers and banks with more services for managing their program.

In a bid to expand its operations further and provide improved services to its customers, Synctera recently made several announcements, including the launch of SyncteraPay. The new capability was set to allow customers to work with any payment provider, whilst having all transaction information centralised and integrated into the Synctera Ledger. The company also secured USD 18.6 million in an extended Series A round to support its advancement. Synctera planned to leverage the capital injection to solidify its successful initiatives and expedite progress with enterprise clients. The news followed a USD 15 million strategic investment from March 2023, with the company utilising the funds to expand into Canada.