Synctera raises $33M Series A to pair fintechs with banks
Synctera, which aims to serve as a matchmaker for community banks and fintechs, has raised $33 million in a Series A round of funding led by Fin VC.
The raise comes just under six months after the fintech raised $12.4 million in a seed round of funding.
New investors Mastercard and Gaingels also participated in the latest round, which included follow-on investments from Lightspeed Venture Partners, Diagram Ventures, SciFi Ventures and Scribble Ventures. Several angel investors put money in the Series A including Omri Dahan, Marqeta’s Chief Revenue Officer, Feedzai Chairman and CEO Nuno Sebastiao and Greenlight co-founder and CEO Tim Sheehan.
Alongside the Series A, Synctera is also announcing its commitment to the new Cap Table Coalition – which includes funding from Gaingels, Neythri Futures Fund, Plexo Capital and over 20 angels – alongside other startups by allocating 10% of all funding rounds to “traditionally marginalized,” or underrepresented, investors via an SPV. (Fellow fintech Finix led the initiative earlier this year before forming this coalition but more on that later).
“This has exposed us to find great folks who we otherwise might not have known,” said Synctera’s co-founder and CEO Peter Hazlehurst. “That’s why we pledge to reserve 10% of this round and all future rounds to diverse investors.”
In a nutshell, San Francisco-based Synctera has developed a platform designed to help facilitate partnership banking. It was founded on the premise that some community banks and (Read more...)