Synctera Raises $33M Series A

Synctera’s Banking-as-a-Service (BaaS) Platform is Driving the Evolution of Community Banks in North America

Synctera’s Banking-as-a-Service (BaaS) Platform is Driving the Evolution of Community Banks in North America

We are excited to share that Synctera announced US$33M in Series A funding led by Fin VC. Diagram is proud to participate with a follow-on investment alongside Lightspeed Venture Partners, Portage Ventures, SciFi Ventures, and Scribble Ventures as well as several new strategic investors, including Mastercard.

The demand for Synctera’s platform that facilitates partnerships between community banks and FinTech companies at scale has been immense – this Series A funding quickly follows seed funding led by Lightspeed Venture Partners and Diagram Ventures in December 2020 and brings Synctera to $46.5M in funding to date.

Facilitating Scalable Partnerships Without the Hassle

For banks, Synctera streamlines day-to-day reconciliation, operations and regulatory compliance, and for FinTechs, it enables them to launch faster and with more options via a one-stop-shop API. By partnering with FinTechs via Synctera, community banks focus on serving their communities, and both parties can accelerate their growth at scale.

The new funding will support Synctera in meeting this demand: by expanding its software engineering team (learn more here) to rapidly accelerate the development of its product roadmap, ramp up sales and marketing to build and capture market demand, and prepare for a future international expansion.

Investing in Diversity, Equity and Inclusion

Alongside news of the fundraise, Synctera also announced that in a step to ensure that they are playing a role in creating diverse, equitable, and inclusive workplaces that they will be allocating 10% of all fundraising rounds to traditionally marginalized investors via a commitment to the Cap Table Coalitionalongside other high-growth startups. Their Series A raise includes participation from Gaingels, Neythri Futures Fund, Plexo Capital and over 20 angels.

As Peter Hazelhurst, CEO and co-founder of Synctera noted in their release, “For this next chapter—and to put action behind Synctera’s values—we pledge to reserve 10% of this round and all future rounds to diverse investors, allowing for more representation and collaboration to further innovate the industry.”

Congratulations to Synctera on your exciting milestone! We are proud to partner with you on your journey and look forward to the road ahead.