Synctera's 2022 summary: Climbing the FinTech mountain
Helping FinTechs and banks partner together while scaling our platform to support over 2 million consumers
Read our year-end summary to learn about:
Synctera's 2022 journey
Key highlights from our ongoing climb
Looking up the mountain to see what's next
7 minute read | ⏰
Synctera Chief Executive Officer and co-founder
Peter is a FinTech founder, investor, hacker, and product leader. With previous stints leading teams at Uber, Google, Yodlee, and more, Peter has helped banks and FinTechs alike build the future of finance over the course of his 25+ year career.
Synctera’s journey to date
When you climb a mountain, you focus on the path ahead. But it’s just as important to look back and appreciate how far you’ve come.
In the tech and software sector this year, we’ve all navigated uncharted trails, steep climbs, and even stared down some double black diamond runs that look pretty intimidating.
But with any challenge, it’s always easier when you have a group of brave, smart, and excited people ready to help you explore new frontiers together.
For us at Synctera, the team spent 2022 charting a ton of new territory in the FinTech space. As I type this, we’re adding a host of new products, features, and developer experiences to our innovative Banking as a Service (BaaS) platform.
The exciting part of today versus a year ago is watching the next wave of mission-driven FinTechs building with us that will brighten financial futures for people worldwide.
The best part? We, the team, and our FinTech partners just barely started the climb.
Read on to get our 2022 highlights.
Key highlights from our ongoing climb
Reflecting over the past year, we’ve had many positive signals that show how our fast and easy developer experience is helping builders.
We built a new platform to help banks manage compliance and reconciliation for new and existing FinTechs that today powers over 2.3 million consumers cards and accounts, with information stored safely in our PCI certified data vault and ledger.
We’ve processed over 30+ million transactions to date. And all of that money and transaction velocity is increasing (it will probably be more by the time this blog hits our site).
On our own company’s revenue specifically: Our revenue increased over 20x from Q4 2021 through Q4 2022. 2,082% YoY growth, to be precise.
Our FinTech customers and sponsor bank partners have run over 55+ million API calls in our platform to open bank accounts, issue debit cards, and more.
More than 100 innovative FinTech ideas are currently being built, tested, and launched with our platform, including fast-growing scale-ups like Players Health, Float, andothers. This includes both signed partners and early integrators testing their ideas with t-minus10 (more in the next section about what that is).
Developers can now create and test with live debit cards in under 5 minutes- faster than any of our BaaS competitors.
Our Product and Engineering team shipped over 100 new BaaS products and features, giving companies the banking building blocks they need to make their unique FinTech or embedded banking idea a reality.*
New sponsor bank partners continue to join the Synctera platform, and we are proud to have 10 banks available to partner with FinTechs - the most diverse set of BaaS players operating in the market today. Our partners enable us to support even more diverse FinTech ideas and products.**
Navigating the ascent
Our “peak” in BaaS is to:
Be the fastest, easiest, and safest way for companies to build a FinTech app or embedded banking product
Help FinTechs form a resilient partnership with a sponsor bank partner
Empower FinTechs to launch their products into the hands of the people they’re trying to help
In order to reach that peak, we anchored 2022 on building products that will help innovators navigate common FinTech obstacles they’ll face when they start their own climbs:
Building and testing with banking and ledger technology
Standing up compliance protocols and banking operational support
Creating a unique UX that reflects their brand and delivers a fantastic customer experience
Expanding financial products beyond the basic building blocks like accounts and debit cards
In 2022 we put a lot of work into streamlining the FinTech journey. Here’s a selection of things we're really proud of:
Building and testing banking technology: Early in the year, we launchedt-minus10, as in, 10 steps to countdown before you can launch your FinTech idea. t-minus10 is a live testing environment where developers test cards and money movement, with real money and a real bank, and get access to all of the core FinTech items they’ll need on their build journey.
Fast connections to sponsor banks: We rolled out a bank matching process with hands-on support to help FinTechs connect with a sponsor bank and launch in as little as six weeks from contract signing. The benefit? FinTechs can get direct feedback from potential sponsor banks as they build, establishing strong relationships that will scale.
Compliance and banking operational support: In the summer, we launched our banking operations and compliance support with Ground Control. Ground Control is a program that provides free end-to-end banking and compliance operational support for the first six months of a FinTechs' journey.
Fostering direct connections between banks <> FinTechs with intelligent tech: One of our clear differentiators from other BaaS providers is Synctera Cases - case management platform technology that helps streamline communications and establish better direct connections and communications between bank and FinTech partners. We’re adding more to this feature set to speed up and simplify the experience of our ecosystem. But it’s clear that having a structured dialog and plan is helping folks build faster and safer - whether you're an early startup building something super new or an established company looking to build financial services at a non-financial company.
Front-end code that’s easy to customize: In the fall, we unlocked access to our free, white label app codebase called Synctera Starter Apps. Developers can now save up to 300+ hours building end-to-end mobile banking experiences and apps for customers that are full-featured and work out-of-the-box with the Synctera platform. Check out$pace, the demo version of the Synctera Starter App for retail banking (it’s designed to be viewed on mobile), then sign up for a Synctera account to start exploring our APIs.
Need help on where your FinTech journey will begin? Start with our new Use Case Explorer - the innovative new blueprint that helps builders discover their FinTech use case and make it reality in a few minutes. With the Synctera Use Case Explorer, watch Synctera's APIs come alive and connect with the Synctera Starter App for retail banking (Editor’s note: we have yet to see anyone else do this in BaaS).
Expanding into credit: In the last few months, we’ve expanded our banking, debit card, and payments solutions to include Credit products, allowing builders to leverage Lines of Creditand Smart Charge Cards. Now, we can help you build a card product that can be customized to provide more rewards to customers funded by significantly higher earned interchange than a debit card.
Looking up at the mountain
We founded Synctera so FinTechs could unlock better access to financial services for people and ultimately, increase human potential and happiness.
But there’s still work to be done.
Today, over 42% of adult Americans can’t get access to reasonable interest rates due to no credit or low credit. Underbanked people are forced to turn to payday loans, high-fee check cashing services, and other financial strainers that impact financial stability and well-being.
There are so many amazing FinTech ideas and solutions out there waiting to get built that will help underserved and under-resourced communities in the world. And our job at Synctera is to not only help builders find answers to these complex financial problems, but quickly create solutions to fix them.
Less than two years ago that was the vision. Every day, that reality only becomes more and more real.
All of this progress is made possible by our community set of people and partners that have believed in us and committed their time, mindpower, energy, and money to help us: