March 9th, 2023
Since 2020, we’ve been helping FinTechs and companies of all sizes match and partner with their perfect bank sponsor and build a springboard for their success. Launching a FinTech or embedded banking use case means finding new customers, building better relationships with them and unlocking new revenue streams by turning on FinTech capabilities that were never possible for them before.
If you’re not familiar with us, here’s a simple rundown:
We’ve built the fastest and easiest way to build, launch and operate a financial services app that needs banking and payments.
Why are we good for banks?
Our bank partners get to expand their customer base (be they consumers or businesses) beyond their natural geography and reach. In addition, the banks earn new non-interest based revenue and gain deposits from which they can operate and grow their core banking business. Synctera provides the compliance, reconciliation, billing and oversight tools necessary to run a safe and sound set of programs.
Why are we good for companies and FinTechs?
Synctera reduces the complexities encountered by FinTech builders and we bring a marketplace of banks with different risk appetites that will partner with FinTechs so you can launch your product. It’s cliché, but it’s truly a win-win-win. It doesn’t matter what you are building, we make it as easy and safe as possible to embed banking services into your experience.
Of course, there’s a lot more to it than that, and we’re excited to see what people will build with us. Building great things is a combination of tech, tenacity and great teams.
While 2022 was packed with progress, we’re even more excited about 2023 and beyond.
On that note…
Today, we’re happy to share that in partnership with the National Bank of Canada we’re bringing our BaaS platform to Canada. We expect to launch our first FinTechs in the market in a couple of quarters and be fully operational by EOY. To help power this expansion, we raised a strategic financing round of $15M. The round was led by NAventures (the corporate venture arm of National Bank of Canada) and also includes The Banc Funds, and sponsor bank partners Veritex Community Bank, Midland States Bank and Emigrant Bank.
Taking what we’ve built for the US to Canada is a big deal for us, and we’ll be hiring quite a few roles that are going to be focused on the new market, so keep an eye out for those jobs on our careers page.
It’s back to work for us, but I’ll leave you with a few notes on today’s news from our new partner, National Bank of Canada:
“National Bank of Canada is a strong supporter of bank-FinTech collaboration, and we look forward to partnering with Synctera to introduce an anticipated offering into the Canadian market," - Philippe Daoust, Managing Director of NAventures
“Synctera’s transparent and compliance-focused platform helps bridge the gaps between financial institutions that seek to power indirect financial offerings and companies that seek to build, launch, and scale financial products efficiently,” - Joshuah Lebacq, Principal at NAventures and Banking as a Service Lead at National Bank of Canada
P (on behalf of the whole Synctera team)