Synctera, a partnership banking at scale solution announced the launch of its platform out of stealth, along with $12.4M in seed funding. The round was led by Lightspeed, with support from Diagram Ventures and angel investors including Zachary Perret, CEO of Plaid, Max Levchin, founder and general partner at SciFi VC and more, according to a press release.
The company makes it possible for small banks and credit unions to form potential streamlined partnerships with fintechs. At its launch on Dec. 8, Synctera announced its first match: Coastal Community Bank, a local bank serving the greater Puget Sound community with One, a new digital banking platform fostering financial wellness.
“There has been immense demand from both fintechs and community banks for an easier way to partner, but no great answers have emerged until now,” Peter Hazlehurst, CEO and co-founder of Synctera said in the release. “Like most small businesses, community banks have been hit hard by COVID-19. At Synctera, we hope to further diversify community banks’ revenue streams, enabling them to do what they do best— support their local towns and cities, while allowing them to grow at scale.”