US-based Banking-as-a-Service (BaaS) start-up Synctera has secured $18.6 million in its Series A extension round led by existing backers Lightspeed and Fin Capital.
Also participating in the round were other existing investors NAVentures, the venture arm of Synctera’s partner bank National Bank of Canada, and Diagram, as well as new investors Banco Popular and Mana Ventures.
With the latest capital infusion, Synctera plans on doubling down on its goals, including supporting customer growth, scaling its technology, hiring more talent and streamlining processes as it onboards more clients to manage “larger and more complex programs”.
CRO appointment
The company has also appointed Leigh Gross as its new chief revenue officer. Having spent more than a decade working in the fintech industry, Gross joins from fintech start-up Summer, which helps borrowers track their student loans and offer them the best repayment plans, where he held the same role. His earlier experience extends to companies including fintech platform Array, green lending firm CommonBond, and CAN Capital, which provides small businesses with access to working capital.
Founded in 2020 and headquartered in San Francisco, Synctera’s platform provides companies with the technology infrastructure needed to launch fintech and embedded banking products, such as debit cards, bank accounts, charge cards, lines of credit and money movement.
In a post on its website, Synctera CEO and co-founder said that in 2023, the company went live in Canada “in under nine months” and claimed that it has scaled its annual recurring revenue (ARR) 4.5x due to “some new exciting big customers”.
