BaaS Provider Synctera Raises $33 Million

Synctera (NASDAQ: SNTR) is a provider of software-based access and security solutions to companies who want to accelerate their digital transformation and build new digital experiences for their customers. The company provides a Software as a Service (SaaS) platform that provides instant, secure access to corporate data, and enables businesses to adopt the latest trends in cloud and security technologies. Since its inception in 2009, the company has operated its business in a highly innovative manner, having incorporated a variety of new technologies in every release of its platform. This has enabled Synctera to drive its technology innovation, and deliver value to its customers.

Synctera, a BaaS provider that focuses on blockchain technologies, has acquired  Infinium Blockchain Technologies (InBT). A  source close to the deal says that the acquisition is a step towards Synctera securing a strategic partnership with the tech giant. Synctera is a pioneer in the BaaS space, serving as a cloud-based platform for companies to access blockchain platforms. The company has raised $35 million in funding since its incorporation in 2015.

Synctera Corporation, a provider of backend services for cloud-managed distributed applications, announced on November 8 that it has raised $33 million in a Series C financing round. The financing was led by PSP Investments and included participation from existing investors of Synctera. In conjunction with the financing, Synctera also announced that it is moving its headquarters from Palo Alto, California to San Diego, California.. Read more about what is fintech and let us know what you think. Synctera, a fintech company that provides business-as-a-service (BaaS) tools to connect local banks with fintech companies, announced today that it has received $33 million in Series A funding. Fin VC led the new funding round, along with new investors Mastercard and Gaingels. In addition, investors from previous funding rounds are returning, including Lightspeed Venture Partners, Diagram Ventures, SciFi Ventures and Scribble Ventures. So far, the company has raised more than $45 million in just under a year. In the press release, Synctera also announced that it is joining other high-growth technology companies in the Cap Table Coalition, which aims to have 10% of investors in each funding round come from traditionally marginalized investors.

Connecting community banks and fintech companies

CEO Peter Hazlehurst, along with co-founders Chris Hansen, CTO, and Dominic Weissert, Product Manager, created Synctera to address an important need in the banking industry. Smaller banks often do not have the capacity or technical skills to work with fintech companies because the operational complexity is too great. To meet this need, Syncera has set up a partner bank marketplace to connect banks and fintech companies. By taking on much of the intensive work, Syncera facilitates partnerships that meet the needs of both parties. Working with local banks to discuss issues such as their business objectives and geographic area of operation helps to create a personalized relationship between the two parties. For fintech companies, the advantage lies in the platform’s ability to reach a large number of banks. For fintech startups, a network of potential customers for your product can be very helpful for growth. In addition, their platform allows local banks to easily manage relationships with multiple fintech companies based on a single point of contact. Hazlehurst, who previously led Uber Money and Google Wallet, said the company wants to reduce the average time it takes for a local bank to partner with a fintech company from 10 months to 20 days.

Future projects

Although Syncera is only a little over a year old, it is already enjoying considerable interest and success. The company had initially set a target of 15 banks using its services by 2021. So far, more than 40 banks have expressed interest, 3 of them have signed partnership agreements and 3 more are expected by the end of the month. In addition, 60 fintech companies are already working with Syncera and have expressed interest in using their services to connect with community banks. With this new round of funding, Syncera will focus on attracting a new cohort of fintech companies that provide card processing services so that banks can access products such as debit cards, lines of credit, overdrafts, automated billing, and funds transfers. Currently, the company employs about 50 people; by the end of the year, the number of employees is expected to rise to 150.

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