Synctera Raises $33M Series A, Partners with National Bank of Canada

Synctera, a banking-as-a-service platform, announced a $33 million Series A funding round in June 2021, led by Fin VC. The round included participation from sponsor bank partners Veritex Community Bank, Midland States Bank, and Emigrant Bank, reflecting the company's multibank approach to BaaS. Alongside the funding, Synctera partnered with the National Bank of Canada to facilitate the launch of fintech apps and embedded banking products in the Canadian market.

The multibank structure is designed to address common BaaS pain points, including regulatory compliance and concentration risk. The partnership with a major Canadian bank signals Synctera's cross-border ambitions beyond the U.S. market. The funding and expanded bank partnerships position Synctera to compete with other BaaS platforms seeking to connect fintechs with chartered banking infrastructure.