CONNECT WITH US
Fintech

Fintech

Synctera Raises $24.5 Million to Support New BaaS Demand

PYMNTS – Fintech logo

Published on

Add as a preferred source on Google
Synctera Raises $24.5 Million to Support New BaaS Demand

Embedded finance and banking-as-a-service (BaaS) company Synctera raised $24.5 million in new funding, according to a Friday (Nov. 6) news release.

Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

The financing will support “Synctera’s work with sponsor banks and FinTechs as more banks get back in the game with BaaS,” the release said.

“Two years ago, banks asked me whether to be in this business at all,” Synctera Co-Founder and CEO Peter Hazlehurst said in the release. “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.”

Banks and FinTechs need to be able to think of their platforms as akin to AWS, “durable and always available,” and the funding will help Synctera continue its work in strengthening these platforms, according to the release.

“Banks have long checked compliance by sampling,” the release said. “Synctera acquired Cable in April 2026, and Cable tests every control continuously, across banks, FinTechs and service providers, to show whether it works in practice and not just on paper.”

Synctera also invested in compliance by building a full program management team and set of processes, and by registering as a money services business regulated by the Financial Crimes Enforcement Network (FinCEN), according to the release.

“ Embedded finance can bring banks deposits, fee income and assets generated through somebody else’s distribution,” but second-quarter earnings results demonstrated that banks don’t all want the same mix, PYMNTS reported in September.


Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.