US-based fintech software marketplace Synctera emerged from stealth yesterday with $12.4m in seed funding from investors including Diagram Ventures, an investment firm indirectly supported by financial conglomerate Power Corporation.
The round was led by venture capital firm Lightspeed Venture Partners and backed by multiple angel investors including Max Levchin and Zachary Perret.
Founded earlier this year, Synctera runs a marketplace enabling financial institutions such as banks and credit unions to search a database of financial technology product providers to implement resources for their business.
Synctera claims its back-end system allows developers to complete regulatory and technical processes for new clients within 90 days of signing a contract. The portal is mainly geared toward smaller enterprises lacking the expertise to scrutinise strategic business development opportunities themselves.
The company recently announced the first deal struck through its platform: a partnership between financial wellness-oriented digital banking platform One and Coastal Community Bank.