Synctera, a San Francisco, CA-based solution for partnership banking at scale, raised $33M in Series A funding.
The round, which brought total funding raised to date to $45.4M, was led by Fin VC, with participation from Mastercard and Gaingels, and follow-on investments from Lightspeed Venture Partners, Diagram Ventures, SciFi Ventures and Scribble Ventures, and strategic angel investors including Omri Dahan (Chief Revenue Officer, Marqeta), Nuno Sebastiao (Chairman and CEO, Feedzai), Tim Sheehan (Co-Founder and CEO, Greenlight), and more.
The company intends to use the funds to expand operations hiring for roles across engineering, product and sales, accelerate the development of its product roadmap, and prepare for a future international expansion.
Launched in 2020 by CEO Peter Hazlehurst, former head of Uber Money, head of Google Wallet and CPO at Yodlee, as well as CTO Kris Hansen and Head of Product Dominik Weisserth, Synctera is building a SaaS based partnership banking marketplace connecting community banks with FinTech platforms that need a licensed partner to operate in the US. The platform allows banks to streamline day-to-day reconciliation, operations and regulatory compliance and FinTechs to launch via a one-stop-shop API.
The company is also onboarding new customers, such as Lineage Bank, a new community bank, and Ellevest, a new FinTech collaborating with Coastal Community Bank, which onboarded in May 2021.
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ABOUT SYNCTERA
ABOUT FIN VC
Fin Venture Capital is focused on Enterprise SaaS FinTech companies and specific theses within six sub-sectors: Embedded Finance, Asset Management/Capital Markets, CFO Tech Stack, InsureTech, Blockchain Enterprise Applications, and Enabling Tech/Infrastructure. Fin VC principally focuses on the US and EU/UK. As former corporate and start-up operators, the Fin VC team takes an active value-added approach, leveraging its Operating Playbook to steward its portfolio companies with business development, capital formation, corporate development, board advisory and talent sourcing. For more information, please visit finvc.co.
ABOUT THE CAP TABLE COALITIONThe Cap Table Coalition is a partnership between high-growth startups, emerging investors and fund managers who want to work to close the racial wealth gap. Its mission is to diversify the VC ecosystem by creating investment opportunities for Black, Latinx, LGBTQ+, women and other traditionally marginalized investors. A growing list of committed startups includes Finix, Synctera, Orum and more, with investment community members featuring Qiana Patterson (Tamaa Capital), Roman Leal (Lead Global Partners), Camden McRae (Matador Ventures), Marcos Gonzalez (Vamos Ventures) and Luis Robles (Viento Ventures). The Cap Table Coalition was inspired by the Act One Diversity Rider for VCs and Finix’s unique fundraising efforts to diversify startup cap tables via Special Purpose Vehicles (SPVs). For more information, please visit www.captablecoalition.com.