US-based startup SynapseFI has raised $17 million in Series A financing led by Trinity Ventures and Core Innovation Capital. The round also saw participation from other unnamed backers.
The funding was actually raised in the last year but it was not announced then. CEO Sankaet Pathak said the company has been so busy developing new products, hiring and more than that it is only getting around to disclosing the deal now.
Founded in 2014 by Bryan Keltner and Sankaet Pathak, SynapseFI helps banks and builders work collectively. That includes developer-facing APIs that enable corporations to attach with banks to supply providers, and in addition, bank-facing APIs that enable banks to automate and lengthen back-end operations.
Initially, the business focused on payments, but it gradually evolved to become a technology enabler for the financial industry. Furthermore, the company is planning to build a better operating system for banking which is less expensive to maintain and easy to innovate.
“There are three core things we want to fix in banking,” CEO Sankaet Pathak said. “The back office is still mostly manual today and we want to automate that. There’s a need for vertical integration… we want any large or small financial company to be able to come to us and operate at the same scale as the likes of Wells and Chase. We also want to automate financial advice using behavior science.”
The company has processed over $10 billion in transactions and helped bank more than 1.5 million people through its technology. Further, the startup also has plans to expand and grow in international markets. Also, the CEO stated that the company is likely to reach breakeven by the end of the year.
SynapseFi has over 60 employees and it works with a roster of over 100 monetary business shoppers. Its merchandise embraces the fundamentals like cost, deposit, lending and funding providers. Additionally, the company has also ventured into crypto with services that include a white-label wallet.