Synctera’s ability to haul in so much money probably has something to do with the marquee Silicon Valley name leading the company, CEO and co-founder Peter Hazlehurst, who headed ride-hailing company Uber’s management of global money flows. He left last year after Uber moved away from plans to build financial services, Bloomberg reported. Previously, Hazlehurst also led Google Wallet.
Synctera, founded last December, aims to make money by smoothing the way for fintechs to offer services using community banks’ banking licenses. In that banking-as-a-service (BaaS) business, fintechs benefit from expanding their services and banks take in revenue from the fintech. Synctera expects to profit along the way, too.
