Synctera raises USD 18.6 million in an extended Series A round

Tuesday 5 March 2024 14:38 CET | News

US-based Banking as a Service platform Synctera has raised USD 18.6 million in an extension to its 2021 Series A funding round.


Lightspeed and Fin Capital co-led this extension, with significant contributions from previous investors NAventures and Diagram. Notable new investors joining this round include Banco Popular and Mana Ventures. In the official press release, representatives from Synctera expressed gratitude for the opportunity to secure additional funding amidst robust growth. They emphasised the company's strategic intent to reinforce successful initiatives and expedite progress with enterprise clients. 

This funding extension follows a USD 15 million strategic investment in March 2023, primarily led by NAventures, the corporate venture arm of the National Bank of Canada. This investment facilitated Synctera's expansion into Canada, culminating in the launch of its inaugural Canadian customer in December 2023. Building on previous collaborations, NAventures has further cemented its commitment to Synctera by participating in this Series A extension. 

Representatives from NAventures acknowledged the significant progress made within a short timeframe and highlighted the quick development of new banking and payment capabilities, underscoring their pivotal role in ensuring long-term success.


US-based Banking as a Service platform Synctera has raised USD 18.6 million in an extension to its 2021 Series A funding round.


More information about Synctera's BaaS platform 

Synctera's end-to-end Banking as a Service (BaaS) platform enables businesses of varying sizes to expedite the development and launch of fintech applications and embedded banking products. An emerging application for Synctera in 2024 is international wealth management, exemplified by its partnership with BTG Pactual. Synctera's collaboration with BTG facilitates account offerings in the US for BTG's Latin American clientele. 

Flutterwave represents another significant addition to Synctera's clientele in 2024. Flutterwave officials cited Synctera's robust compliance framework and flexible platform as key factors in their partnership decision. Synctera expressed its commitment to supporting US-based companies, with recent additions such as EXO Freight, Waltz, and Firstcard in 2023. Reflecting on Synctera's growth, officials from Fin Capital commended the company's ability to scale while upholding compliance standards. 

In 2024, Synctera plans to introduce SyncteraPay, a payment product enabling companies with existing third-party payment provider relationships to leverage Synctera's platform for processing and settling payments. Additionally, the company aims to expand its geographic reach and client base, alongside support for FedNow. 

Established in 2020, Synctera helps businesses that are looking to diversify revenue streams and improve their value proposition through banking products. By offering APIs, compliance support, and access to bank partners within a comprehensive platform, Synctera provides a compliant alternative for businesses looking to deploy bank accounts, debit cards, or lending solutions.

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Keywords: funding, investment, BaaS, fintech
Categories: Banking & Fintech
Companies: Synctera
Countries: United States
This article is part of category

Banking & Fintech


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