Synctera, a platform provider powering the future of FinTech innovation, today shared an update on its new program Liftoff which helps FinTech builders get bank partnerships and launch their products in weeks versus months.
Unlocking financial innovation by solving the “FinTech Builder Challenge”
Early-stage FinTechs who want to begin solving unique financial problems for customers often run into the “FinTech Builder Challenge” – builders need a bank partner to power banking and account services, but finding a partner is a time-consuming process with complicated tasks around contracting, due diligence, compliance, and implementation.
Liftoff fixes this problem by providing FinTechs with a fast and standardized path to market that removes much of the contractual and due diligence overhead typically associated with bespoke bank partnerships. In addition, Liftoff helps local community banks that want to generate revenue and reach new communities through FinTech Banking, making connections and sponsorship opportunities for high-quality FinTechs as easy as possible, without costly implementations to core banking technology.
“Since we started building and supporting FinTechs a decade ago, we’ve continuously run into the FinTech challenge of how to go fast while realizing you have to do multi-faceted negotiations between banks, partners and FinTechs,” said Peter Hazlehurst, CEO at Synctera. “Liftoff will help solve this problem for everyone. And by working with our certified bank partners to help FinTechs get to market in as little time as possible, Synctera is closer to its goal of providing a variety of financial services to the underbanked and unlocking human potential.”
The fastest time to launch, period
With Liftoff, FinTechs sign an agreement with Synctera bypassing the need for a potentially monthslong matching and due diligence process that has been the industry norm for direct bank partnerships. The program defines standard pricing, policies, and qualification criteria which enables participating sponsor banks to approve and onboard new FinTech programs quickly while adhering to clearly defined risk criteria.
Since piloting the program in January, Synctera has signed six innovative FinTechs to Liftoff with dozens more in the pipeline, including:
- Uconomy - a startup building flexible transaction methods that allow users to customize their own payment plans for items, services, and bills with no interest or credit impact
- Kubbi - a neobank dedicated to helping landlords and tenants get more transparency around security deposits
- GradientFI - creating fully decentralized financial products consumable via application programming interfaces (APIs) for financial platforms and marketplaces
"Working with Synctera has accelerated a clear path to market without sacrificing the quality our consumers deserve,” said Terrence Thompson, Uconomy’s Co-Founder. “The knowledge, support, and professionalism the company has been demonstrating shows us that Synctera is willing to help every step of the way."
How Liftoff is helping the newest generation of FinTech innovators
Features and benefits of Liftoff include:
- Get to market fast and start earning interchange revenue under attractive revenue share terms
- Eliminate manual processes and needs of contracting and due diligence with a bank or counterparty
- Opportunity to demonstrate success in market with new and tested products, potentially making you more attractive to new investors and audiences alike
When you are ready to launch and scale, Liftoff customers have a unique opportunity to further expand their relationships to banks in the growing Synctera network with direct bank matching and proven results.
Learn more about how Liftoff is powering the next generation of cutting edge FinTechs and unlocking human innovation at https://www.synctera.com/
<div class="about-wrapper content-bottom card-standard">About Synctera: Synctera is powering the future of FinTech. Its end-to-end platform and guided, personalized experiences help FinTech builders create world-class products with embedded banking, card issuance, and more. Synctera’s unique programs enable transparent, efficient partnerships between compatible FinTech builders and community banks, whether a FinTech builder is looking to quickly launch an MVP or scale a fully fledged offering. Everyone wins –- FinTech builders create, launch, and scale great products, fast, and community banks access new revenue streams and markets. Launched in 2020, the company was co-founded by CEO Peter Hazlehurst, former head of Uber Money, head of Google Wallet and CPO at Yodlee, as well as CTO Kris Hansen, and Head of Product, Dominik Weisserth.</div>
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