Synctera Funding and Expansion:
- 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.
- 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.
- Company Background:
- Synctera, launched in 2020, has strategically raised funds to reinforce successful strategies and accelerate growth, particularly with enterprise customers.
- Previous Investments and Expansion:
- In 2023, Synctera secured a $15 million strategic investment, which facilitated its expansion into the Canadian market.
- 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.
- 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.
