Synctera, a banking-as-a-service (BaaS) and embedded finance platform, has raised $24.5 million in new funding, bringing total funding to $126.7 million, with participation from Multiplier Capital, Fin Capital, 1st & Main Growth Partners, Diagram, and NAventures; one report says the round was mostly venture debt. Synctera is a software company, not a bank, and its multi-bank model spreads risk across sponsor banks that each remain responsible for their own programs, with Main Street Bank the newest bank partner. The main objective is to support its work with sponsor banks and fintechs as banks return to BaaS after the 2024 Synapse collapse, building on its April 2026 acquisition of Cable, which continuously tests compliance controls, and on its registration as a FinCEN-regulated money services business; Synctera has doubled its GMV and interchange year over year. Key players include co-founder and CEO Peter Hazlehurst, who said banks used to ask whether to be in this business at all and now ask how to do it well.

Synctera Raises $24.5M as Demand Accelerates and Banks Return to BaaS and Embedded Finance