Synctera raises USD 24.5 million and adds Main Street Bank as a partner

US-based banking-as-a-service (BaaS) and embedded finance platform Synctera has raised USD 24.5 million. The funding brings its total to USD 126.7 million. Participants include Multiplier Capital, Fin Capital, 1st & Main Growth Partners, Diagram, and NAventures. Synctera says the investment strengthens its balance sheet and gives it the runway to reach break-even.

Compliance at the centre of the model

In April 2026, Synctera acquired Cable, a company that tests compliance controls. Cable continuously tests controls across banks, fintechs, and service providers instead of relying on sampling. Synctera has also built a programme management team and registered as a FinCEN-regulated money services business.

Since the acquisition, Cable has added one bank client and four fintechs. It is also offering its services free of charge to sponsor banks in Synctera’s network.

Ash Vaidya, Managing Director at Multiplier Capital, said embedded finance works only when banks can trust what happens under their charter. He pointed to Synctera’s independent ledger, automated reconciliation, and continuous compliance testing. Philippe Daoust, Managing Director and VP of Innovation at NAventures, said Synctera runs its business with discipline and a clear view of risk.

Banks return to BaaS

Massachusetts-based Main Street Bank has joined Synctera’s network of sponsor banks. The platform now works with eight active sponsor banks. Two more are due to launch programmes in the fourth quarter of 2026.

Walter J. Dwyer IV, CEO of Main Street Bank, said the bank wanted a partner that treats compliance as part of the product. Synctera’s multi-bank model distributes programmes across several banks instead of relying on a single charter.

Peter Hazlehurst, Co-founder and CEO of Synctera, said that two years ago banks asked whether they should be in the BaaS business at all. Now, they ask how to do it well. Synctera signed 20 clients in 2026, while its gross merchandise value and interchange revenue doubled year on year.

Synctera Labs, the company’s launch platform introduced in October 2026, is due to go live with its initial programmes in February 2027.