Synctera, a San Francisco company whose software lets banks and fintechs launch embedded finance products, raised $24.5m in new funding, it announced on 6 November 2026.
Investors in the round include Multiplier Capital, Fin Capital, 1st & Main Growth Partners, Diagram and NAventures. Synctera did not name a lead investor or disclose a valuation. The new money takes its total funding to $126.7m.
The company said the cash would support its work with sponsor banks and fintechs, strengthen its balance sheet and give it enough runway to reach break-even.
“You can't mess with people's money.”Peter Hazlehurst, Co-founder and CEO, Synctera
What Synctera does
Synctera, which launched in 2020, sells a banking and payments platform to companies that want to offer accounts, cards and other banking products, along with tools that let the sponsor banks holding those accounts oversee the programs. It describes itself as a software company, not a bank; the banking services come from its partner banks.
Its pitch centres on an independent ledger, automatic reconciliation and compliance oversight. In April 2026 it bought Cable, which tests compliance controls continuously across banks, fintechs and service providers instead of checking samples. Synctera has also built a program management team and registered with FinCEN as a money services business.
In October it introduced Synctera Labs, which gives fintechs with new embedded finance ideas real accounts, cards and customers, with compliance built in, for less upfront cost than a custom program. The first programs are due to go live in February 2027.
Banks coming back
Synctera said more banks are re-entering banking-as-a-service and that many find such programs too hard to build alone. Its model spreads risk across several banks, each responsible for its own programs, rather than relying on a single charter.
Main Street Bank has joined its network, bringing it to eight active sponsor banks, with two more due to start programs in the fourth quarter. Walter J. Dwyer IV, Main Street Bank's chief executive, said the bank wanted a partner that treats compliance as part of the product.
PYMNTS, reporting on the round, noted that banks pursue these programs for different reasons, with some after deposits and others after fee income or assets.
Growth and investors
Twenty clients signed with Synctera in 2026, in financial services, property management and small-business lending, ranging from small fintechs to publicly listed companies. Gross merchandise value and interchange both doubled from a year earlier, the company said. It did not disclose revenue or headcount.
"You can't mess with people's money," said Peter Hazlehurst, Synctera's co-founder and chief executive, adding that the banks and fintechs on its platform need to know it will be around for the long term. He said banks used to ask whether to offer banking-as-a-service at all, and now ask how to do it well.
Ash Vaidya, a managing director at Multiplier Capital, said embedded finance depends on banks being able to trust the activity on their charters. Philippe Daoust of NAventures called the round a vote of confidence in how the company is built.
Company website: synctera.com