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

Synctera Funding and Expansion:

1. Funding Boost:
   • Synctera, a US-based Banking-as-a-Service (BaaS) platform, has secured an additional $18.6 million in funding.
   • The funding round was led by Lightspeed and Fin Capital, supplementing the $33 million Series A round raised by Synctera in 2021.
2. Use of Funds:
   • Synctera plans to use the new capital injection to expand its embedded banking and finance business.
   • The focus is on supporting larger and more complex use cases, both in additional international markets and within the US.
3. Company Background:
   • Synctera, launched in 2020, has strategically raised funds to reinforce successful strategies and accelerate growth, particularly with enterprise customers.
4. Previous Investments and Expansion:
   • In 2023, Synctera secured a $15 million strategic investment, which facilitated its expansion into the Canadian market.
5. New Chief Revenue Officer:
   • The company has appointed Leigh Gross as its new Chief Revenue Officer to support its growth plans for 2024.
   • Gross brings over 10 years of experience in the fintech space, previously serving as a sales lead at financial innovation vendor Array.
6. Upcoming Product Launch:
   • Synctera plans to launch SyncteraPay, a new payment product in 2024.
   • SyncteraPay aims to enable firms with existing third-party payment provider relationships to utilize Synctera’s account offerings and ledger for payment processing and settlement.