Through partnership with Mastercard and Marqeta, Synctera adds card capabilities to its platform
- With card capabilities under its belt, Synctera CEO Peter Hazlehurst says the company has covered all the bases a fintech needs to launch.
- But competition is heating up, and other BaaS platforms have their own plans to expand their offerings.
Synctera is a banking as a service platform that offers fintechs banking and payment services from more than one partner bank through its marketplace model, including things like ledger and ACH. The company is spearheaded by former head of Uber Money, Peter Hazlehurst.
Synctera has been picking up speed pretty quickly since its launch in December last year.
The company has already solidified a handful of partnerships, including community banks Coastal and Lineage, and fintechs Ellevest and One Finance.
Last month Synctera added some new partnerships as well. Marqeta, Mastercard, and Regent Bank represent Synctera’s expansion and its dive into new waters — mainly cards.
“These fundamental partnerships will allow our fintechs to issue cards in a cost effective way with any of Synctera’s bank partners, and will allow even more community banks to get into the card sponsorship business,” said Hazlehurst. “We are able to scale to more fintechs and banks because of the collaboration / partnerships we’ve put in place with Marqeta and Mastercard”
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