Synctera, a leader in embedded finance and banking as a service (BaaS), today announced $24.5M in new funding, bringing total funding to $126.7M. Participants include Multiplier Capital, Fin Capital, 1st & Main Growth Partners, Diagram, and NAventures. The funding backs Synctera’s work with sponsor banks and FinTechs as more banks get back in the game with BaaS.
“Embedded finance only works when banks can trust what’s happening on their charter, and Synctera has built its platform around exactly that: an independent ledger, automated reconciliation and, with Cable, continuous compliance testing,” said Ash Vaidya, Managing Director at Multiplier Capital. “At Multiplier, we back companies that provide mission-critical infrastructure and have earned their place as category leaders. As banks return to BaaS, Synctera is the partner they need, and we’re proud to support Peter and the team in this next phase of growth.”
“Banking is hard. It runs on trust, and trust is built over years,” said Peter Hazlehurst, Co-founder and CEO of Synctera. “You can’t mess with people’s money. The banks and FinTechs that build on us need to know we’ll be here for the long run. We raise with that in mind, and we’re grateful to the investors, banks and FinTechs who back us.”
Built to Last
Banks and FinTechs build on a platform for years, and a bank puts its name and reputation behind every program. They need to be able to think of their platforms like AWS or GCP: durable and always available. This round continues to strengthen Synctera’s balance sheet, and the funding will provide the runway required to break even.
“Synctera runs its business the way a bank partner hopes a platform will, with discipline and a clear view of risk,” said Philippe Daoust, Managing Director and VP, Innovation, NAventures. “This round is a vote of confidence in how they build.”
Compliance sits at the center of that work. Banks have long checked compliance by sampling. 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 has also invested in compliance by building out a full Program Management team and set of processes, and by registering as a FinCEN-regulated money services business (MSB).
Together, Cable and Synctera’s MSB status give sponsor banks the continuous oversight regulators increasingly expect. Consumers, small businesses and corporates are the key beneficiaries of this increased investment in compliance, as it is their money moving through every program that stays protected.
More Banks Are Getting Back in the Game
The announcement comes as more banks take another look at BaaS and embedded finance. Banks are arriving with a plan, often built in conjunction with major financial services advisors like FS Vector, and are concluding that it is far too hard to build on their own.
“Two years ago, banks asked me whether to be in this business at all,” said Hazlehurst. “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.”
Synctera is a software company, not a bank. Its multi-bank model spreads risk across banks that each maintain responsibility for their own programs, instead of resting every program on a single charter. That way, one shift in a bank’s business model or risk appetite does not put everything in question, and the consumers behind every program stay protected. The company believes that makes the model a stronger, smarter alternative to chasing a charter or buying a bank.
New Bank Partner
Main Street Bank, out of Massachusetts, has joined Synctera’s network of sponsor banks. Synctera now works with eight active sponsor banks, with two more in the final stages of implementation and going live with programs in Q4.
“We wanted a partner that treats compliance as part of the product, not a box to check. Synctera gives us clear visibility into the programs we sponsor, and the team understands how banks think. We’re excited to be working with them and the FinTechs building on the platform,” said Walter J. Dwyer, IV, CEO of Main Street Bank.
Synctera Labs
Synctera Labs, introduced in October, is a launch platform for FinTechs with a new embedded finance idea. It gives teams real accounts, cards and customers, with oversight and compliance operations built in, for less up front than a custom program. More details are coming soon, and the first programs go live in February 2027.
New FinTech Customers
Twenty clients have signed with Synctera in 2026 across industries including financial services, property management and SMB lenders. They range from smaller FinTechs to publicly traded companies. Synctera has also doubled its GMV and interchange year over year. Since the acquisition, Cable has added one new bank client and four new FinTechs, and is now offering free Cable services to sponsor banks in Synctera’s network.
About Synctera
Launched in 2020, Synctera is the banking and payments platform powering financial innovation. Synctera provides companies with everything they need to build and scale innovative banking products and equips sponsor banks with the tools they need to manage compliant partnerships.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261106870887/en/
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