Digital banking solution developer SynapseFI has raised $17m in its Series A round led by Trinity Ventures and Core Innovation Capital.
Other contributions came from unnamed smaller funds, the company said in a blog post announcing the round which closed at the end of last year.
SynapseFI is a payment, deposit, lending and investment API developer for FinTech companies. The platform has helped to process more than $10bn transactions and supports more than 1.5 million end users through over 100 FinTech companies.
The main areas the company’s technology solutions help with are back office automation, vertical integration of all financial products and behavioural economic research.
Its solutions can be used for processing bank transfers, card payments, the issuance of physical or digital cards, and for opening of deposit accounts. The platform also helps businesses with account aggregation and security and regulatory compliance.
The company is looking to launch business loan products in the future, according to the company’s website.
Earlier in the year, Trinity Ventures took part in the $55m funding round of identity-as-a-service platform Auth0. The proceeds of the round have been put towards developing its go-to-market strategy and its global expansion.
Prior to this investment, the firm took part in the $4m seed round of employee financial health platform Brightside.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
