San Francisco based SynapseFI, a banking platform which helps fintech companies by offering payment and lending products through the API has raised about $17 million in Series A funding round.
Notably, the funding was raised by the firm last year but Sankaet Pathak, the CEO of the company revealed the news a couple of days ago through the company blog where he said, As some of you know, we raised our Series A end of last year. We never really got around to announcing it, so I am doing it now."
Started in 2014 by Pathak along with Bryan Keltner the company wants to make the banking system fit for the digital age through their operating system which they are working on. The company platform allows both developer and banks work together. One of the main targets of SynapseFI is automating the back office operations through the bank-facing APIs.
With the help of the SynapseFI team through the automated processes, it wants to make financial products "fun, intuitive, and transparent". In the early days, the company mostly focused on payment solutions but with time, it became a technology enabler for the fintech companies. Now, SynapseFI has grown to become a 60-member company who work with over 100 clients from the financial industry. The firm claims to have processed more than $10 billion in transactions, eventually helping over 1.5 million users.
Pathak says that while the company will be looking to raise the Series B funds, it will not simply relying on venture capital money but will create a sustainable business.
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