Synctera raises $24.5 million as banks return to fintech partnerships

Synctera, a company that helps banks and financial apps work together, has raised $24.5 million in new funding. It announced the round in a news release on Friday, Nov. 6. The company says banks are coming back to a business that many of them had questioned not long ago.

What Synctera does

Synctera works in banking-as-a-service, often called BaaS. In plain terms, a bank sits behind an app so the app can offer accounts or cards. The release says the money will support Synctera's work with these sponsor banks and FinTechs, meaning financial technology firms. CEO Peter Hazlehurst said banks once asked whether to be in this business at all. Now, he said, they ask how to do it well.

The safety checks

The release points to compliance. It says banks have long checked rules by sampling. Synctera bought a company called Cable in April 2026, and Cable tests every control continuously to show whether it works in practice. Synctera also built a full program management team and registered with FinCEN, the US financial crimes agency, as a money services business.

What is not known yet

The material does not say who invested or what the company is valued at. It also does not name the banks and apps involved, or say how the money will be spent. For now, the main signal is the company's own claim that bank interest in BaaS is rising.