Syncfy, the open finance platform focused on Latin America, announced the closing of a $10 million seed round.
The round was led by Point72 Ventures and included contributions from JAM Fund, Ausum Ventures, Avalancha Ventures, FJ Labs, MANTIS Venture Capital, and XBTO Humla Ventures.
In addition, angel investors who joined the round included Tether co-founder Brock Pierce and Google quantum artificial intelligence engineer Hartmut Neven.
Syncfy’s platform enables single API access to financial data from more than 125 different banks, digital wallets, tax authorities, utility providers, crypto exchanges, and blockchains in more than 15 countries in Latin America and other regions.
Data aggregation and enrichment API
Currently, the company provides financial data aggregation and enrichment through its API Connect, Fiscal, and Invoice Stamping integrations.
Customers include large banks, enterprise software companies such as BBVA and Intuit, and Mexican unicorn Clara. Critical customer use cases include personal financial management, credit underwriting, and accounting/tax integrations.
“The positive response we have received from our customers in Latin America so far has been overwhelming, and the funding we are announcing today will enable Syncfy to meet demand and bring financial automation to more partners across the region,” said Gerardo Treviño, co-founder and CEO of 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 funding will allow Syncfy to invest in regional business development in Latin America and expand its product range. The fintech pioneered in Mexico and announced plans to expand its customer base in Argentina, Brazil, and Colombia.
A fresh opportunity in emerging markets
In addition, the company also plans to launch payment solutions in key markets, enabling interoperable access to financial data and the seamless transfer of funds via APIs.
Pete Casella, a partner at Point72 Ventures, said in a public statement, “While clear leaders have emerged for financial data aggregation in developed markets, we believe there is a fresh opportunity in emerging markets to drive the next wave of open banking.”
“With its robust financial data and payments infrastructure layer, we believe Syncfy can help drive the next wave of financial innovation in Latin America, enabling the creation of more inclusive financial solutions that can bring the unbanked into the financial system. We are delighted to support their vision,” the executive added.
