Synctera, a banking-as-a-service (BaaS) and embedded finance platform, has raised $24.5 million in new funding. The latest investment brings the company’s total funding to $126.7 million.
The round included participation from Multiplier Capital, Fin Capital, 1st & Main Growth Partners, Diagram and NAventures. The funding will support Synctera’s work with sponsor banks and fintech companies as more financial institutions return to the banking-as-a-service market.
Going ahead, Synctera will invest the funds received to enhance its financial stability and help it achieve profitability. The startup is determined to build a trustworthy platform for banking services and payment solutions for banks and financial technology companies.
“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.”
Focus on Compliance and Risk Management
Compliance is a major part of Synctera’s strategy. Banks need strong oversight of every financial programme they support because their reputation and regulatory responsibilities are directly connected to those partnerships.
In order to enhance its compliance abilities, Synctera purchased Cable in April 2026. Cable’s technology consistently assesses compliance controls for banking firms, financial technology organizations, and suppliers. This enables finance companies to see if their controls are effective in practice instead of merely conducting periodic inspection.
Synctera has also expanded its programme management team, introduced additional compliance processes and registered as a money services business (MSB) with the Financial Crimes Enforcement Network (FinCEN).
Together, Cable’s technology and Synctera’s MSB registration are designed to give sponsor banks stronger oversight of their financial programmes. These measures also help protect consumers and businesses whose money moves through the platforms.
More Banks Return to Banking-as-a-Service
The funding comes as more banks reconsider opportunities in embedded finance and banking-as-a-service. Many financial institutions are exploring the market with support from specialist advisers such as FS Vector, while recognising that building the required technology and compliance systems independently can be difficult.
Synctera operates as a software company rather than a bank. Its multi-bank model connects fintech companies with different sponsor banks, with each bank remaining responsible for its own programmes.
This approach spreads programme exposure across multiple banking partners. It also reduces dependence on a single bank, meaning a change in one institution’s business strategy or risk appetite is less likely to affect the entire network.
Main Street Bank Joins Synctera’s Network
Synctera has also added Main Street Bank, based in Massachusetts, to its sponsor bank network.
The company now works with eight active sponsor banks, with two additional banks in the final stages of implementation. Synctera expects these new partners to begin launching programmes in the fourth quarter of 2026.
Founded in 2020, Synctera provides banking and payments technology that helps companies develop and scale financial products. Its platform also gives sponsor banks the tools to manage fintech partnerships and oversee their compliance requirements.
With the latest $24.5 million investment, Synctera aims to strengthen its platform, expand its banking partnerships and support the growing demand for embedded finance services.
