American start-up Synapse, which supports banks and fintechs to develop and launch financial services, has raised $33m in a Series B funding round.
The latest round was led by a16z. The stat-up’s existing investors Trinity and Core also joined the round. A few unnamed individual investors and 9Yards Capital also participated in the round.
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Synapse founder Sankaet Pathak in a blog post wrote: “The round was a little over $33m.”
Synapse fundraising: Background
The latest round follows a $17m Series A in September last year led by Trinity Ventures and Core Innovation Capital. Overall, the company has raised more than $50m from two rounds.
With the latest investment, the company will advance its strategy to provide a full stack financial infrastructure product for every developer, globally.
Stating the mission of the company, Pathak said: “Ensure that everyone around the world has access to best-in-class financial products. Regardless of their net worth.”
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By GlobalDataSynapse focuses on providing payment, deposit, lending and investment products as APIs to fintechs. It aims to assist the developers to build and scale financial products.
The company noted that it has nearly three million end users with 10,000 new user signups and five million API requests per day. Overall, the US start-up has processed more than $10bn in deposits.
This year, Synapse processed more than $2bn in ACH transfers and $40m in card transactions.
