BaaS Fintech Synctera Announces Expansion Into Canada, Raises $15M
Summary
Banking as a Service (BaaS) company Synctera announced that it is partnering with the National Bank of Canada in order to help companies build and launch FinTech apps and embedded banking products in Canada.Synctera announced a $15 million strategic investment, 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.Since 2020, Synctera has been helping companies acquire customers, deepen customer relationships, and access new revenue streams by launching innovative banking products in the United States.Syncteras end-to-end BaaS platform enables companies of all sizes to build and launch FinTech apps and embedded banking products faster, more easily, and at a significantly lower cost compared to building in-house or with multiple vendors and partners.Synctera enters the Canadian market at a time when there is high demand for innovative financial products to disrupt the $20 trillion banking industry.Kris Hansen, Chief Technology Officer and co-founder of Synctera, said:Canada is on the precipice of open banking, and many Canadians have a lot of pent-up demand for the financial innovation that often comes from FinTechs and non-financial institutions. This new partnership with National Bank of Canada helps us continue to unlock human potential through financial innovation by bringing BaaS to customer-focused entrepreneurs and enterprises in Canada.One of Syncteras Canadian customers, Float, recently announced it quadrupled its revenue over 2022 and is steadily growing its U.S. business.Joshuah Lebacq, Principal at NAventures and Banking as a Service Lead at National Bank of Canada, said:In addition to its new partnership with National Bank of Canada, Synctera announced a $15 million strategic investment led by NAventures, National Bank of Canadas corporate venture arm.Other investors include The Banc Funds and a number of Syncteras sponsor bank partners, including Veritex Community Bank (Nasdaq: VBTX), Midland States Bank (NASDAQ: MSBI), and Emigrant Bank.In 2023, Synctera plans to add support for new credit, lending, and other banking use cases and expand into new geographies and client segments.
Funding
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