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BaaS Platform Synterra Raises $15 Million

Synctera, an American player in the field of banking services, announced the attraction of additional financing, the amount of which is $ 15 million.

BaaS Platform Synterra Raises $15 Million

Source: Pixabay.com

The company received part of these funds from the venture division of the National Bank of Canada NAventures. The remaining investments were directed by the Banc Foundation and the sponsoring partners of the Canadian financial institution, including Veritex Community Bank, Midland States Bank, and Emigrant Bank.

The National Bank of Canada, having provided financial resources, confirmed its intention to continue and deepen cooperation with the company.

The BaaS Synctera platform was launched in 2020. The company actively cooperates with banks. Financial institutions, by providing support, help the firm to create and implement fintech applications and embedded banking products.

Currently, the number of employees of the company is more than 50 people. The firm is based in Canada. By expanding partnerships with financial institutions, the company intends to increase the scale of its activities in the Canadian market. Currently, the main goal of the firm is to develop solutions for open banking services.

Chris Hansen, Technical director of Synctera, says that the Canadian financial services market is gradually approaching the active and large-scale implementation of open banking. He also noted that in Canada there is deferred consumer demand for innovations in finance, which are usually offered by fintech companies. The partnership with the National Bank of Canada, he said, helps to continue to unlock human potential through innovative solutions, providing BaaS to customer-oriented entrepreneurs and businesses in Canada.

Synctera will be able to add lending support through the use of the received financing. The company will also have the opportunity to enter new markets and start offering its solutions to new customer segments.

As we have reported earlier, UK BaaS Platform Griffin Becomes Bank.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.