Synctera, a San Francisco-based firm that helps link community banks and fintechs, has secured $33m investment in a Series A round.
The round was led by Fin VC and also involved the participation of Mastercard, Gaingels, Lightspeed Venture Partners, Diagram Ventures, SciFi Ventures, and Scribble Ventures.
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Marqeta CRO Omri Dahan, Feedzai chief Nuno Sebastiao, and Greenlight CEO Tim Sheehan also joined.
The round takes its total financing so far to $45.4m.
The fresh capital will be used for hiring in roles across engineering, product and sales.
It will also be used to develop the firm’s product roadmap, as well as support international expansion.
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By GlobalDataSynctera CEO Peter Hazelhurst noted: “Since launch, Synctera has formed one of the best teams in the industry. Bringing on a group of investors with deep industry expertise will help us meet rapidly increasing demand in our next stage of growth.
“For this next chapter—and to put action behind Synctera’s values—we pledge to reserve 10% of this round and all future rounds to diverse investors, allowing for more representation and collaboration to further innovate the industry.”
Synctera was formed on the premise that the relationships between community banks and emerging fintechs are complex and raises compliance issues.
The firm intends to make this process simpler with its Banking-as-a-Service (BaaS) platform.
Synctera has also announced its commitment to the Cap Table Coalition by allocating 10% of all funding rounds to traditionally marginalised or underrepresented investors.
Earlier this year, Plaid – also based in San Francisco – received $425m in a Series D financing round to scale its platform.
Plaid connects customers’ bank accounts to fintech apps.
