Fintech Firm Synapse Raises $33 Million In Series B Funding

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SynapseFI

Synapse, the San Francisco-based fintech firm has bagged a $33 million Series B financing as it plans to develop new features and products with an aim of global expansion. The round was led by Andreessen Horowitz while the existing backers included Trinity Ventures and Core Innovation Capital, 9Yards Capital also joined the clutch of investors. Prior to this round, the company had raised $17 million in September last year when Core Innovation Capital and Trinity Ventures led the round.

Synapse provides payment, deposit, lending, and investment products as APIs to Fintech companies. The company was founded by Bryan Keltner and Sankaet Pathak. The firm claims to have more than 3 million end users and gets around 10K new registrations. It had processed more than $40 million card transactions.

Pathak, the CEO, and co-founder commenting on the deal said, “After 2019, our goal is to add support for two key markets each year, plus one underserved market, where we will build consumer-facing products until developer ecosystems are built.”

Angela Strange, a partner at Andreessen Horowitz is set to join the board of the firm as part of the investment. Through a blog, Strange talking on the deal says, “Financial services today is an industry still very much in the pre-AWS age. Getting a fintech company started is hard—requiring multiple partnerships [with existing banks], deep financial services knowledge, and requiring established connections and capital. In most cases, it still takes [an] average of 18 months to 2 years to get a new financial services company going.”

 

Image Courtesy : W7news

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