Synctera Officially Launches in Canada With Live Platform

Embedded Finance | Dec 18, 2023

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Synctera’s Canadian Platform is Now Officially Live

Last week on Synctera’s blog, they announced that its Canadian platform was officially live.  Back in March 2023, Synctera announced its expansion into Canada to help build and launch fintech  apps and embedded banking products, along with a $15 million investment round led by NAventures, the corporate venture arm of the National Bank of Canada. This investment also saw participation from The Banc Funds, a noted private equity investor, along with sponsor bank partners Veritex Community Bank, Midland States Bank, and Emigrant Bank. This diverse group of investors represents a strong vote of confidence in Synctera’s business model and its applicability to the Canadian market.

Synctera’s journey began in the United States, a market known for its vast size and dynamic economic environment. The U.S. served as an ideal launchpad for Synctera, providing a robust ecosystem for financial innovation, access to capital, and a mature Fintech infrastructure. This initial phase in the U.S. allowed Synctera to refine its offerings, align with regulatory standards, and establish a strong foothold in the Fintech domain.

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The expansion into Canada represents a calculated move into a market that, while smaller than the U.S., is rapidly gaining recognition for its commitment to technological innovation and a progressive regulatory environment. Canada’s unique financial landscape, characterized by a growing appetite for digital banking solutions and a supportive environment for startups, presents an ideal setting for Synctera’s next growth phase.

What Synctera Brings to the Canadian Market

Synctera’s end-to-end platform is set to revolutionize how Canadian Fintechs, banks, and developers approach financial innovation. Offering services such as bank accounts, card issuance, money movement, and lending solutions, Synctera aims to simplify the complexities of financial services, enabling businesses to focus on innovation and growth.  Their compliance with FINTRAC regulations as a registered Money Service Business in Canada highlights its commitment to operating within the country’s regulatory framework, ensuring trust and security for its partners and customers.

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Synctera’s entry into Canada confirms a growing interest from global players in the Canadian market and is likely to spur further innovation, competition, and collaboration within the sector.

Comparing the US vs. Canadian Fintech Markets in 2023

Outlook

This expansion, coupled with the substantial financial backing, positions Synctera to play a pivotal role in shaping the future of financial technology in Canada, signaling a new era of innovation and collaboration in the Canadian financial sector.

For Canadian startups and entrepreneurs, Synctera’s platform offers a new avenue to bring their financial products to market faster and more efficiently.

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For banks, the partnership opportunities with Synctera could lead to enhanced digital offerings and improved customer experiences.

The National Crowdfunding & Fintech Association of Canada (NCFA Canada) welcomes Synctera’s expansion as a positive development for the Canadian Fintech community. As we continue to monitor and support the growth of financial technology in Canada, Synctera’s journey will undoubtedly be one to watch.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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• Source: https://ncfacanada.org/synctera-officially-launches-in-canada-with-live-platform/