Synctera

We’re excited to demo the Synctera Platform next Monday at Finovate Fall! 🙌 Our Chief Product & Technology Officer, Ellen Linardi, will be highlighting some of the key aspects of the Synctera Platform that help sponsor banks maintain control and data visibility over their programs 🏦 If you’re attending the conference, come check out our demo at 11:45 ET on Monday and then visit the Synctera team at our demo stand in the exhibit hall for more details!

Check out the new features we launched in the past month for our customers and bank partners! 🚀 Throughout the month of August our product and engineering teams were busy shipping new functionality, such as: - Launching the Synctera Fleet Card 🚛 💳 - Automating account closures with a new endpoint 🔒 - Enhancing Synctera's Address Verification Service ✅ Learn about these updates and more in our August Product Update using the link below! 👇 https://lnkd.in/gNFaPRF3

Check out the new Synctera Fleet Card in action with our Product Manager, Gudrun (Runa) Sigursteinsdottir Longden! 💳 🚚 With the Synctera Fleet Card, the Synctera Platform ingests and provides our customers with access to enhanced Level 2 and Level 3 transaction data, such as fuel cost, fuel type, quantity, product descriptions, and more ⛽ This data enables our customers to offer their fleet customers simplified expense management tools and a better way to manage driver payments.

🔦 Synctera Console Spotlight: Empowering smarter decisions and oversight with data Sponsor banks and companies launching banking products rely on data-driven insights to manage payment and compliance operations, optimize customer acquisition, and accelerate business growth. Whether you’re tracking new customer growth, monitoring ACH return rates, or investigating network settlement files, the Synctera Console has you covered. 📊 Discover Synctera Insights Synctera Insights is your go-to tool for accessing and analyzing data, tailored to meet the needs of diverse stakeholders. From bank executives and AML analysts to FinTech product managers, Insights provides the features you need to simplify your work. Here are a few ways we’ve seen Insights support our sponsor bank partners and customers: 📝 Executive Summary – Easily view program-level metrics, including new accounts, customer growth, transaction volumes, and more. 💸 Payment Operations – Dive deep into payment operations with access to settlement files, transaction lists, daily money movement reports, and more. ⚖️ Compliance Operations – Navigate compliance with detailed views of FBO balance reports, case resolution overviews, KYC statuses by customer, and more. Interested in how the Synctera Console fosters compliant and transparent banking partnerships? Reach out to our team to learn more!

🚀 Introducing the Synctera Fleet Card – providing companies with everything they need to launch their own fleet card product 🚛 💳 Managing and tracking fleet expenses like fuel, maintenance, and driver allowances can be complex and time-consuming. That’s why we’ve partnered with Marqeta to launch the Synctera Fleet Card, a specialized credit card that enables companies to equip their fleet customers with complete control and visibility over vehicle-related spending. By combining Fleet Cards with our full suite of banking and money movement products, we provide a first-of-its-kind solution for companies to go beyond just fleet payments and offer a complete set of financial management products tailored to the fleet industry. From personal bank accounts that provide drivers with instant wage payouts to business operating accounts that empower fleet managers to manage their entire operation, Synctera has everything you need to launch innovative financial products for the freight and logistics industry. Ready to transform your fleet management solutions? Read the full announcement from our CPTO, Ellen Linardi, using the link below https://lnkd.in/d7-CrKsB

🔦 Synctera Console Spotlight: see how we streamline due diligence and facilitate safe and compliant sponsor banking partnerships. How do banks assess the risks of new FinTech or embedded banking programs? The sponsor bank must deeply understand the business they are partnering with and the product they’ll be launching before finalizing a partnership together. They do this by evaluating the product, the target customer, the company, and any third-party relationships the partner program utilizes. How does Synctera help with this process? ⏩ It all starts with the Customer Profile in the Synctera Console. The Customer Profile is the first step of a customer’s journey with Synctera and builds a complete picture of their business for our bank partners to review. It establishes confidence in a new partner and makes sponsor bank introductions productive, building lasting partnerships. It ensures that all due diligence documentation is centralized, making it easy to audit and reference on an ongoing basis. Importantly, it helps prevent last-minute surprises that could derail months of work and relationship building. We require 4 sections to complete a partner program’s full Company Profile: ✍️ Company Profile: contains basic business information, including business legal name, company website, business description, Tax ID or EIN, business plan, and more. 👥 Team Info: contains management team and board of directors information, as well as a full organizational chart for larger organizations. 💲 Financial Condition: contains funding information, current financial status, financial and user acquisition projections, and financial statements. ⚖️ Legal & Regulatory: contains a legal, risk, and compliance questionnaire so bank partners can better understand current policies and procedures. Interested in learning more about how the Synctera Console promotes safe and compliant banking partnerships? Reach out to our team!

A new article from our Chief Banking Officer, Dominik W., provides a deep dive into FBO accounts in sponsor banking 🏦 Learn all about how this account structure works and the 4 things sponsor banks need to take into consideration in order to scale compliantly 💡

Learn about the new features we launched in the past month for our customers and bank partners! 🚀 Throughout the month of July our product and engineering teams were busy shipping new functionality, such as: - Streamlining card dispute management 💳 - Further supporting earned wage access products through ACH improvements 💸 - Making it easier to track subscribed webhooks in the Synctera Console ⚙ Learn about these updates and more in our July Product Update using the link below! 👇 https://lnkd.in/gcdDM5BN

We just finished our first half here Synctera. It may seem like we missed things given June 30 was a while ago, but our financial year ends January 31st, hence the timing. (Why? Let’s just say it helps when trying to close deals at the end of a quarter.) Scaling up Synctera and embedded finance is not an easy thing. Our category is hard, it was hard when we started, and remains so now. Arguably harder than a year ago thanks to all of the challenges in the industry. If there’s any doubt as to our feelings or expectations for the industry we’re in, I’ll summarize with: Regulatory oversight in finance and banking is a good thing. Anyone who tells you otherwise should give you pause for concern. The tech industry in general and the FinTech industry in particular, should absolutely lean in and take a seat at the table instead of running in the other direction, which is what’s been happening a bit too much lately. That seat at the regulatory table paired with active and ongoing involvement in the conversation means less confusion, better protection for consumers, a path to innovate in ways that none of us have even imagined yet, and a really good chance that we’ll be heard when we ask for some of the rules and regulations to evolve and change. For example, introducing a FinTech charter or eMoney way for a company like Synctera to be formally in the system would be outstanding. That won’t happen unless we’re a part of the solutions and not the problem creators. With that, here’s an update on how Synctera has fared thus far in 2024, since our 2023 recap. - Scaled ARR revenue 50%  - Grew annualized GMV by 18%  - Increased our live customers from 28 to 33  - End user growth: 106% - Accounts growth: 146% - Deposits growth: 75% Our sales calls and business meetings this year have been chock full of questions about what’s been happening with Synapse, Evolve and other players in the space. Critically, one thing is clear: you can’t cut corners when it comes to banking. That means we’ve spent a lot of our time this year demoing how we do the opposite, and it’s quite honestly a refreshing exercise…I just wish it didn’t come at the expense of those consumers that have been affected by incidents elsewhere. On the product side, we’ve strengthened just about every area of the platform with the focus being on building *everything* compliance-first, as we always have. Coming soon: L2+3 card data and other fun things that we haven’t announced yet are going to help usher in a batch of exciting new customers for us and fantastic partners for our community of banks. I did my first fleet card transaction with a white card last week. Kind of surreal: first coded ISO8583 in ~1996 when at Phoenix we launched an ATM server written in MicroFocus COBOL for Windows! Good luck & good health to all for the remainder of 2024, you’ll be hearing more from us soon and often. Tx P Now back to the Olympics! Aussie, Aussie, Aussie, Oi, Oi, Oi

We’re pleased to welcome Tana Rugel, who will be serving as Synctera’s Chief Risk and Compliance Officer (CRCO) 🙌 Recognized as a Top Woman in Finance, Tana is a well-known and respected risk and compliance trailblazer within the industry. Tana brings with her a wealth of banking and financial services experience from her time as Chief Risk Officer at Blue Ridge Bank and her 20+ years of service at Sunrise Banks (formerly University Bank) in various leadership roles within the bank’s risk division. Synctera is excited to continue our tradition of compliance-first and focused programs under her seasoned professional leadership. We’re thrilled for Mitchell Lee’s next adventure, and appreciate all of the work he’s done guiding us, and FinTech as a whole. He remains a close friend of Synctera and we’re excited to see him take his talents to a very cool (and extremely lucky) bank.