Banking-as-a-Service provider Synctera has secured $18.6 million in a Series A extension, co-led by Lightspeed and Fin Capital.
NAVentures, the venture arm of National Bank of Canada, along with Diagram, Banco Popular, and Mana Ventures, participated in this extension of a previously raised $33 million Series A in 2021.
Founded by CEO Peter Hazlehurst—who previously held leadership roles at Uber Money, Google Wallet, and Yodlee—along with CTO Kris Hansen and head of product Dominik Weisserth, Synctera launched in 2020. Its platform, in collaboration with bank partners, enables businesses of all sizes to develop and launch fintech applications and embedded banking solutions.
Synctera has recently expanded its clientele to include Brazil’s BTG Pactual and Flutterwave, as well as EXO Freight and Firstcard. The company has also established a partnership with the National Bank of Canada to enhance its presence in the Canadian market.
The new funding will be utilized to scale its technology and expand its team and processes to handle larger and more intricate programs. Additionally, Synctera is introducing a new feature, SyncteraPay, which allows customers to collaborate with any payment provider while centralizing and integrating transaction information into the Synctera Ledger.
In a recent move, Leigh Gross, who has worked at Array, Summer, and CommonBond, has been appointed as the chief revenue officer.