Embedded finance and Banking-as-a-Service (BaaS) firm Synctera has raised $24.5 million in funding. Multiplier Capital, Fin Capital, 1st & Main Growth Partners, Diagram, and NAventures participated in the round, which brings the company’s total funding to $126.7 million. Synctera will use the capital to support its work with sponsor banks and fintechs as a growing number of banks pursue embedded finance and BaaS. The funding also bolsters Synctera’s balance sheet and “will provide the runway” to enable the firm to break even, Synctera noted in a statement.

“Synctera runs its business the way a bank partner hopes a platform will, with discipline and a clear view of risk,” NAventures Managing Director and VP of Innovation Philippe Daoust said. “This round is a vote of confidence in how they build.”

The funding comes at a time when Synctera believes banks are “taking another look at BaaS and embedded finance.” As more banks leverage financial services advisors to help them plan their modernization and expansion strategies, many of them are deciding that building out solutions on their own is too difficult and too expensive. “Two years ago, banks asked me whether to be in this business at all,” Synctera Co-Founder and CEO Peter Hazlehurst said. “Now they ask how to do it well. Banks answer for what happens in a fintech program, so I love seeing them come back to the table. Our job is to make that easy.”

Synctera’s banking and payments platform provides companies with everything they need to build and scale innovative banking products.

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