Open finance platform Syncfy announced a $10 million seed funding round led by Point72 Ventures. The round also included participation from JAM Fund, Ausum Ventures, Avalancha Ventures, FJ Labs, MANTIS Venture Capital, and XBTO Humla Ventures. Some angel investors are Tether Co-Founder Brock Pierce and Quantum Artificial Intelligence Engineer Hartmut Neven.
Syncfy is a subsidiary of Paybook, one of Latin America’s open finance platforms. Through a single API, Syncfy allows customers to access data from 125+ different financial institutions and service providers across 15+ countries in Latin America and internationally. The platform enables customers to accept multiple payment methods – including crypto – within their app or platform.
With the help of this round of funding, Syncfy will be able to expand its product line across Latin America. While Syncfy was a forerunner in Mexico, it has specific objectives to grow its customers in Argentina, Brazil, and Colombia. The company also wants to introduce payment initiation solutions in these markets to facilitate seamless fund transfers via API and interoperable access to financial data.
“The positive response we’ve received from our customers in Latin America so far has been overwhelming, and the funding we are announcing today will enable Syncfy to meet the demand and bring financial automation to even more partners across the region. We are grateful to work with investors who share our vision to build the gold standard of open finance in Latin America and beyond.”Gerardo Treviño, Co-Founder and CEO at Syncfy.
Some of Syncfy’s customers include large banks and enterprise software companies such as BBVA and Intuit, as well as fast-growing startups including fintech unicorn Clara.
“While clear front runners for financial data aggregation have emerged in the developed markets, we believe that a greenfield opportunity exists in emerging markets to power the next wave of open banking. With their robust financial data and payments infrastructure layer, we believe Syncfy can help power the next wave of financial innovation in Latin America, enabling the creation of more inclusive financial solutions that can bring the underbanked into the financial system. We’re thrilled to support their vision.”Pete Casella, Partner at Point72 Ventures.