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BaaS platform Synctera makes Canadian play

BaaS platform Synctera makes Canadian play

American Banking-as-a-Service player Synctera has raised $15 million and made a move north of the border through a partnership with National Bank of Canada.

The strategic funding was led by National Bank of Canada's venture arm NAventures and joined by The Banc Funds and sponsor bank partners Veritex Community Bank, Midland States Bank, and Emigrant Bank.

Launched in 2020, Synctera's BaaS platform and bank partners help companies of all sizes to build and launch fintech apps and embedded banking products.

The firm already has over 50 employees in Canada and, with Open Banking on the horizon, is set to expand in the country thanks to the new partnership.

Kris Hansen, CTO, Synctera, says: "Canada is on the precipice of open banking, and many Canadians have a lot of pent-up demand for the financial innovation that often comes from FinTechs and non-financial institutions.

"This new partnership with National Bank of Canada helps us continue to unlock human potential through financial innovation by bringing BaaS to customer-focused entrepreneurs and enterprises in Canada."

Meanwhile, the new funding will help Synctera's plans to add support for credit, lending, and other banking use cases - and expand into new geographies and client segments.

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