U.S.-based banking-as-a-service company (BaaS) Synctera is partnering with the National Bank of Canada (NBC) as part of its expansion into the great white north. The partnership will help Synctera bring its financial technology (FinTech) to Canadian markets.
Synctera’s BaaS platform acts as the foundation for companies to build and launch FinTech apps and embedded banking products. The partnership with NBC will push Canada further into the world of open banking.
“Many Canadians have a lot of pent-up demand for the financial innovation that often comes from FinTechs and non-financial institutions,” said Kris Hansen, chief technology officer and co-founder of Synctera. “This new partnership with National Bank of Canada helps us continue to unlock human potential through financial innovation by bringing BaaS to customer-focused entrepreneurs and enterprises in Canada.”
An example of exponential growth through Synctera came from Canadian corporate card and spending management company Float, who announced last October that it has quadrupled their revenue and expanded its business in the U.S..
Synctera currently has over 50 employees in Canada.
In addition to this new partnership, Synctera announced it had received a US$15 million investment led by NAventures with participation from The Banc Funds, with sponsor bank partners Veritex Community Bank, Midland States Bank and Emigrant Bank.
This upgraded list of bank partners will provide Synctera users with a wide array of financial services to choose from when creating their FinTech applications.
“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, chief executive officer and co-founder of Synctera. “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.”
This year, Synctera plans to expand its client segments and add support for new credit, lending and other banking use cases.