The $15M investment, co-led by Fin Capital and Diagram Ventures, combined with signing its largest customer to date, Bolt, and partnership with Hawk, a pioneer in the use of AI in fighting financial crime, cements Synctera’s leadership position in BaaS and embedded finance.

SAN FRANCISCO: Synctera, the leader in banking-as-a-service and embedded finance, announced today a $15M round of funding, bringing the company to a total of $94M raised to date. The new funding will support the acceleration of its growth and ability to meet the more complex needs and increased scale of its latest customers, such as Bolt and Unified Signal.

The round was co-led by Fin Capital and Diagram Ventures, with participation from other existing investors including First & Main, Evolution, and True Equity.

Diagram Ventures co-led the round with Fin Capital and its partner and Synctera board member Frédéric Latreille shared: “We’re very pleased to continue to be on board once again and support Synctera’s continued mission to power financial innovation for companies of increasing size like Bolt and Unified Signal in new and exciting ways.”

“This is a vote of confidence that enables us to continue to drive scalable growth and excellence for our customers and community of banks,” said Peter Hazlehurst, co-founder and CEO of Synctera.

“Fin Capital has supported the Synctera team since its very early days. Their laser focus on doing things the right way, putting banks and end customers first, is why they’ve been able to build a world-class banking platform,” shared Fin Capital Managing Partner & Founder and Synctera board member Logan Allin.

New Customers

In addition to the latest funding, the firm has announced the signing of its largest customer to date, Bolt, an industry-leading fintech that facilitates one-click online checkouts. With support from its bank partner, Midland States Bank, the company will soon be offering financial services to consumers.

Bolt’s founder and CEO Ryan Breslow shared his thoughts on choosing Synctera as its technology partner: “Bolt has always been incredibly driven to deliver the absolute best online checkout experience for consumers of some of the largest brands on the planet. We’re excited to partner with Synctera to arm brands with more ways to engage with their customers.”

The end-user profile of Bolt, along with the recently launched Alliant Insurance Services program with customer Unified Signal, marks a period of rapid scaling in the consumer sector which complements Synctera’s leadership position in the enterprise space.

New Partner

Synctera has partnered with a pioneer in the use of AI in fighting financial crime, Hawk. Integrating Hawk's best-in-class AML and CFT technology into its core platform further solidifies Synctera’s position as the category leader in risk management and compliance.

“The reason we built Hawk was because we wanted to combine AML & Fraud use cases in one platform. Native, Explained AI and our capability to handle largest volumes in real-time position us well to support Synctera's growth plans, which we love to be part of.” Tobias Schweiger, co-founder and CEO of Hawk.

"We are very pleased to earn the trust of increasingly larger and more complex customers and partners," said Peter Hazlehurst, co-founder and CEO of Synctera. "The ongoing evolution of our business and steadfast support of our investors enable us to continue to drive scalable growth and excellence for our customers and community of banks."

About Synctera

Launched in 2020, Synctera is the banking and payments platform powering financial innovation. Synctera provides companies with everything they need to build and scale innovative banking products and equips sponsor banks with the tools they need to manage compliant partnerships.

Fonte: Business Wire