Synctera nabs $15m to help companies build fintech apps in Canada

• Other investors in the round included The Banc Funds, Veritex Community Bank, Midland States Bank and Emigrant Bank
• Synctera is focused on helping companies that want to create new revenue streams and enhance their value proposition by offering banking products
• Montreal-based NAventures invests in and partners with early to mid-stage companies that will shape the future of financial institutions

San Francisco-based banking-as-a-service company Synctera has raised a $15 million investment to help companies build and launch fintech apps and embedded banking products in Canada.

The investment was led by NAventures, the corporate venture arm of National Bank of Canada, with participation from The Banc Funds and sponsor bank partners Veritex Community Bank, Midland States Bank and Emigrant Bank.

“We are delighted to announce that NAventures, Veritex Community Bank, Midland States Bank, and Emigrant Bank have joined us as strategic investors. It demonstrates their confidence in Synctera as the fastest, easiest, and safest way to launch financial products,” said Peter Hazlehurst, CEO and co-founder of Synctera, in a statement. “We are also delighted to have them as sponsor bank partners on our platform. It’s critical for fintech innovators to get a sponsor bank partner that understands their product vision, target market, and timeline. Synctera is proud to provide our clients with access to the most diverse set of sponsor bank partners.”

Launched in 2020, Synctera is focused on helping companies that want to create new revenue streams and enhance their value proposition by offering banking products. This year, it plans to add support for new credit, lending and other banking use cases, and expand into new geographies and client segments.

Based in Montreal, NAventures invests in and partners with early to mid-stage companies that will shape the future of financial institutions.