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BaaS startup Synctera raises $15M, signs Bolt as a customer
Synctera, a banking-as-a-service startup, has raised $15 million in funding, bringing its total to $94 million since 2020. CEO Peter Hazlehurst announced that the funds will help the company, which currently has 31 customers including Bolt, achieve breakeven by early 2026. The startup reported significant year-over-year revenue growth amidst a challenging environment in fintech following the collapse of Synapse.
Key points
- Synctera raises $15 million, co-led by Fin Capital and Diagram, totaling $94 million since its inception.
- Reported an 80% increase in revenue and 230% increase in gross profit year-over-year.
- Enhanced compliance tools distinguish Synctera from competitors in the BaaS sector.
- Customer base increased to 31, including Bolt and others, with 416,000 end users on the platform.
- Funding will be used for sales team expansion and product development, especially in Latin America.
Why it matters
- The BaaS market is evolving rapidly as companies seek reliable banking solutions following the Synapse collapse.
- Increased focus on compliance and operational tools is reflective of 2025 IT trends toward security and reliability in fintech.
- The cautious funding environment for fintech initiatives highlights a broader trend seeking sustainable and responsible banking solutions.
Synctera's recent funding showcases its resilience and growth potential in the competitive BaaS market, signaling a shift towards compliance-focused solutions in the fintech industry.