Total amount raised
$94 Millions
Latest funding date
03/01/2025
Location
Synctera has successfully raised $15 million in its latest funding round, attracting investments from notable backers such as Bolt and Hawk. The company offers a comprehensive platform designed to build and scale banking and payment products.
Keep reading to explore the intricacies of Synctera's fundraising journey and the investors backing this innovative platform.
What Is Synctera?
Synctera, founded in 2020, is a financial technology company based in San Francisco, California. The company was established by Dominik Weisserth, Kris Hansen, and Peter Hazlehurst.
Synctera provides a comprehensive platform that enables community banks and fintech companies to collaborate and offer financial services. Their technology infrastructure includes APIs for products like debit cards, bank accounts, charge cards, lines of credit, and money movement.
With a team of 101-250 employees, Synctera continues to innovate in the banking technology space, supporting the launch of FinTech or embedded banking products through sponsor bank connections and a compliance framework.
How Much Funding Has Synctera Raised?
- Seed Round
- Amount Raised: $12.4M
- Date: December 2020
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company's foundational technology and initial market presence.
- Series A Round
- Amount Raised: $33M
- Date: June 2021
- Lead Investors: Fin Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series A Extension
- Amount Raised: $15M
- Date: March 2023
- Lead Investors: NAventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Synctera's offerings into Canada and support the launch of its first Canadian customer.
- Series A-1 Funding
- Amount Raised: $18.6M
- Date: March 2024
- Lead Investors: Lightspeed Venture Partners, Fin Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support international expansion and sign on international firms looking for U.S.-based services.
- Series A-2 Funding
- Amount Raised: $15M
- Date: March 2025
- Lead Investors: Diagram Ventures, Fin Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To double down on strong growth and accelerate momentum with enterprise customers.
Total Amount Raised: $94.6M. Current Valuation: Not publicly disclosed.
Key Investors
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a multi-stage venture capital firm that invests in various sectors including enterprise, consumer, and health. They have a global presence and have been instrumental in scaling numerous startups.
- Investment Focus Areas: Enterprise, consumer, health, technology.
- Notable Investments: Snap, Affirm, Grubhub.
- Fin Capital
- Details: Fin Capital is a venture capital firm focused on financial technology investments. They support early-stage and growth-stage companies in the fintech sector.
- Investment Focus Areas: FinTech, InsurTech, RegTech.
- Notable Investments: Figure, Pipe, Plaid.
- NAventures
- Details: NAventures is the corporate venture capital arm of National Bank of Canada. They invest in fintech and related sectors to expand the bank's offerings.
- Investment Focus Areas: FinTech, financial services.
- Notable Investments: Synctera (strategic investment to expand into Canada).
- Diagram Ventures
- Details: Diagram Ventures is a venture launchpad that co-founds and invests in technology companies. They focus on building innovative companies from the ground up.
- Investment Focus Areas: FinTech, InsurTech, health.
- Notable Investments: Not specified in the sources.
- Banco Popular
- Details: Banco Popular is a financial services company and bank based in Puerto Rico. They are involved in various banking and financial service innovations.
- Investment Focus Areas: Banking, financial services.
- Notable Investments: Not specified in the sources.
What's Next for Synctera?
Synctera's future is brimming with opportunities, driven by its plans for international expansion and the launch of new products like SyncteraPay. The company aims to tap into new geographies, including Canada, Latin America, and Africa, and form strategic partnerships with international banks. These initiatives are expected to significantly boost their market reach and revenue, as evidenced by their recent 4.5x increase in ARR and a 20x surge in platform spend.
To support these ambitious plans, Synctera may seek additional funding rounds. The strong backing from investors like Lightspeed and Fin Capital suggests a high level of confidence in the company's growth trajectory. However, Synctera will need to navigate regulatory challenges and maintain compliance as it expands into new markets. The competitive landscape of the BaaS sector also poses a challenge, requiring Synctera to continuously innovate and scale its operations effectively.
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