Synctera, a San Francisco, CA-based banking as a Service (BaaS) company, raised $15M in funding.
The round was led by NAventures (the corporate venture arm of National Bank of Canada), with participation from The Banc Funds (a private equity investor), and sponsor bank partners Veritex Community Bank, Midland States Bank, and Emigrant Bank.
The company intends to use the funds to scale its Banking as a Service platform to support new FinTech use cases and international markets.
Launched in 2020 and led by CEO Peter Hazlehurst and CTO Kris Hansen, Synctera provides a Banking as a Service (BaaS) platform featuring via APIs, compliance support, and bank partners to enable companies to build and launch bank accounts, debit cards, charge cards, lending, money movement, and more.
Today, Synctera has over 50 employees in Canada. In 2023, the company plans to add support for new credit, lending, and other banking use cases – and expand into new geographies and client segments.