Synctera is creating a marketplace model for its banking as a service platform
- New BaaS firm Synctera is differentiating itself from competitors by giving fintechs options from more than one bank.
- Still, platform risk could slow the company’s progress.
BaaS firm Synctera launched in December.
The company’s vision is for fintechs to be able to use the platform to launch financial products like ledger and ACH. While some older BaaS platforms are wedded to a single partner bank, Synctera wants to offer fintechs options to work with different banks and products on its platform.
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Peter Hazlehurst is the CEO and co-founder of Synctera. Prior to starting the company, he was head of Uber Money. It’s this experience that informs the company’s vision for the power of embedded finance.
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