American Banking-as-a-Service provider Synctera has secured $15 million in funding and has expanded its operations into Canada through a partnership with the National Bank of Canada.
The funding round was led by NAventures, the venture arm of National Bank of Canada, with participation from The Banc Funds and sponsor bank partners including Veritex Community Bank, Midland States Bank, and Emigrant Bank.
Founded in 2020, Synctera’s BaaS platform collaborates with various bank partners to assist companies of all sizes in developing and launching fintech applications and embedded banking products. The firm currently employs over 50 staff members in Canada and is poised for further growth in the country with the advent of open banking.
Kris Hansen, CTO of Synctera, remarked, “Canada is on the brink of open banking, and there is significant demand among Canadians for financial innovation typically driven by fintech firms and non-financial institutions. This partnership with National Bank of Canada enables us to continue unlocking human potential through financial innovation, providing BaaS solutions to customer-focused entrepreneurs and businesses in Canada.”
Additionally, the newly acquired funding will support Synctera’s initiatives to introduce credit, lending, and other banking use cases, as well as facilitate expansion into new regions and client segments.