Latin American open finance platform Syncfy has raised $10m in seed funding, as it prepares to grow across the region.
Point72 Ventures served as the lead investor, with commitments also coming from JAM Fund, Ausum Ventures, Avalancha Ventures, FJ Labs, MANTIS Venture Capital and XBTO Humla Ventures.
Notable angel investors also joined the round, including Tether co-founder Brock Pierce and Quantum Artificial Intelligence engineer Hartmut Neven.
Syncfy enables single API access to financial data from 125+ different banks, digital wallets, tax authorities, utility providers, crypto exchanges, and blockchains across 15+ countries in Latin America, as well as internationally.
The capital will enable Syncfy to invest in regional business development across Latin America and bolster its product suite. Having initially launched in Mexico, Syncfy is looking to expand its customer base in Argentina, Brazil and Colombia.
As part of its expansion efforts, Syncfy plans to launch payment initiation solutions in key markets, enabling interoperable access to financial data as well as the seamless transfer of funds via API.
Syncfy is an open finance platform that offers financial data aggregation and enrichment across its Connect, Fiscal, and Invoice Stamping API integrations. Clients are using its technology for personal financial management, credit underwriting, and accounting / tax integrations and more.
Its clients include large banks and enterprise software companies, such as BBVA and Intuit, as well as FinTech companies.
Point72 Ventures partner Pete Casella said, “While clear front runners for financial data aggregation have emerged in the developed markets, we believe that a greenfield opportunity exists in emerging markets to power the next wave of open banking.
“With their robust financial data and payments infrastructure layer, we believe Syncfy can help power the next wave of financial innovation in Latin America, enabling the creation of more inclusive financial solutions that can bring the underbanked into the financial system. We’re thrilled to support their vision.”
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