Synctera Raises $18.6M Series A-1 Extension for US Expansion
On March 4, 2024, Synctera announced it had raised $18.6 million in a Series A-1 extension round co-led by Lightspeed Venture Partners and Fin Capital. The funding is earmarked for expanding Synctera's US operations and supporting its growing roster of larger customers. Alongside the funding announcement, Synctera appointed a new Chief Revenue Officer to drive commercial growth.
The company highlighted existing partnerships including National Bank of Canada (via NAventures investment), BTG Pactual for US accounts targeting Latin American clients, and Flutterwave for US offerings. Recent US-based program launches on the Synctera platform include EXO Freight, Waltz, and Firstcard. No specific financial valuation was disclosed.
The raise signals continued investor confidence in BaaS infrastructure providers even as parts of the fintech sector face consolidation pressures.
- Continued investor appetite for BaaS infrastructure despite broader fintech funding slowdown
- Synctera's move upmarket to serve larger customers signals maturation of the BaaS provider landscape