Fintech infrastructure provider Synctera has announced a fresh $15 million funding round, reinforcing its position in the banking-as-a-service (BaaS) sector. The funding round, co-led by Fin Capital and Diagram, brings Synctera’s total funding to $94 million, with participation from existing investors First & Main, Evolution, and True Equity. This latest capital injection aims to accelerate Synctera’s growth as it continues to scale its operations, enhance compliance measures, and expand its product offerings.

Commitment to Sustainable Expansion

The latest funding round follows a period of deliberate and measured growth for Synctera, which has seen substantial improvements in its financial performance. The company recently reported a 230% increase in gross profit for fiscal year 2024, marking significant progress toward its goal of profitability by 2026. CEO and co-founder Peter Hazlehurst emphasized that the new investment is a vote of confidence from its investors, positioning the company for sustainable, long-term success.

Welcoming Bolt as a New Customer

Synctera has also secured a new partnership with Bolt, a fast-growing fintech company focused on revolutionizing e-commerce transactions. Bolt, founded by Ryan Breslow, operates one of the largest API-based shopper networks in the U.S., serving 80 million consumers. The collaboration with Synctera will enable Bolt to further enhance its financial services, with Midland States Bank playing a crucial role as the banking partner.

Strengthening Compliance with Hawk

In addition to its financial growth and new client partnerships, Synctera has announced a strategic partnership with Hawk, a leader in artificial intelligence-powered financial crime prevention. Hawk’s advanced anti-money laundering (AML) and counter-financing of terrorism (CFT) solutions will be integrated into Synctera’s core platform. This collaboration aligns with Synctera’s mission to ensure robust compliance and risk management, reinforcing its leadership in the embedded finance space.

Synctera’s latest developments highlight its ongoing commitment to simplifying banking services while maintaining strong compliance and security standards. The company remains dedicated to enabling businesses of all sizes to offer financial services to their customers in a secure and efficient manner. With strong investor backing, high-profile partnerships, and a focus on innovation, Synctera is well-positioned to drive the next phase of growth in the fintech industry.