Banking-as-a-service (BaaS) company Synctera has formed a partnership with the National Bank of Canada, alongside the close of a $15m strategic investment.
The investment was led by NAventures, which is the corporate venture arm of National Bank of Canada. Other contributions to the investment came from private equity firm The Banc Funds and sponsor bank partners Veritex Community Bank, Midland States Bank, and Emigrant Bank.
During 2023, Synctera hopes to add support for new credit, lending, and other banking use cases – and expand into new geographies and client segments.
Through its partnership with the National Bank of Canada, Synctera hopes to help companies launch financial products in Canada.
Speaking about the partnership, Synctera chief technology officer and co-founder Kris Hansen said, “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.”
Since 2020, Synctera helps companies acquire customers, deepen customer relationships and access new revenue streams by launching innovative banking products in the US. Its BaaS platform helps companies of all sizes to build and launch FinTech apps and embedded banking products faster.
Its features include, bank accounts, cards, money movement, lending, risk and compliance, ledgers and more.
The FinTech company previously raised $33m for its Series A round in 2021. The capital was supplied by Fin VC, Mastercard, Gaingels, Lightspeed Venture Partners, Diagram Ventures, SciFi Ventures and Scribble Ventures.
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