Syncfy Raises $10 Million in Seed Funding led by Point72 Ventures to Build Open Finance Platform in Latin America
The funding will be used for geographic expansion and to launch new product offerings in data aggregation, enrichment, and analytics as well as payments infrastructure.
AUSTIN, Texas, Dec. 6, 2022 /PRNewswire/ -- Syncfy, a leading open finance platform in Latin America, today announced $10 million in Seed funding. The investment round was led by Point72 Ventures and includes investments from JAM Fund, Ausum Ventures, Avalancha Ventures, FJ Labs, MANTIS Venture Capital, and XBTO Humla Ventures. Notable angel investors include Tether Co-Founder Brock Pierce and Quantum Artificial Intelligence Engineer Hartmut Neven.
Syncfy's platform enables single API access to financial data from 125+ different banks, digital wallets, tax authorities, utility providers, crypto exchanges, and blockchains across 15+ countries in Latin America, as well as internationally. The company currently provides financial data aggregation and enrichment across its Connect, Fiscal, and Invoice Stampin API integrations.
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. Key customer use cases include personal financial management, credit underwriting, and accounting / tax integrations, amongst others.
"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," said Gerardo Treviño, Co-Founder and CEO at Syncfy. "We are grateful to work with investors who share our vision to build the gold standard of open finance in Latin America and beyond."
This round of financing will enable Syncfy to invest in regional business development across Latin America and broaden its product suite. While the company was a first mover in Mexico, Syncfy plans to expand its customer base in Argentina, Brazil, and Colombia in particular. The company also plans to launch payment initiation solutions in key markets, enabling interoperable access to financial data as well as the seamless transfer of funds via API.
Pete Casella, Partner at Point72 Ventures, said: "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."
Syncfy, a subsidiary of Paybook, is Latin America's leading open finance platform. 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. Syncfy also offers an all-in-one solution that enables customers to accept multiple payment methods, including crypto, within their app or platform. For more information, visit syncfy.com.
About Point72 Ventures:
Point72 Ventures is a global venture capital strategy led by a diverse set of domain experts with the capital and mandate to lead rounds through all stages of a company's growth, from idea to IPO. The team invests in founders with bold ideas who use the latest technologies to drive transformational change across industries. Point72 Ventures offers entrepreneurs access to expertise and insights, executive and technical talent, and hands-on support. Point72 Ventures is an affiliate of Point72, the global asset manager founded by Steven A. Cohen. For more information, visit p72.vc.
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