Close Menu
TechBrunchTechBrunch
  • Home
  • AI
  • Apps
  • Crypto
  • Security
  • Startups
  • TechCrunch
  • Venture

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Vitalik Buterin reserves for Sam Altman's global project

June 28, 2025

FBI, cybersecurity firms say prolific hacking crews are currently targeting airlines and transportation sectors

June 28, 2025

YouTube mobile video editor is coming to iOS

June 27, 2025
Facebook X (Twitter) Instagram
TechBrunchTechBrunch
  • Home
  • AI

    OpenAI seeks to extend human lifespans with the help of longevity startups

    January 17, 2025

    Farewell to the $200 million woolly mammoth and TikTok

    January 17, 2025

    Nord Security founder launches Nexos.ai to help enterprises move AI projects from pilot to production

    January 17, 2025

    Data proves it remains difficult for startups to raise capital, even though VCs invested $75 billion in the fourth quarter

    January 16, 2025

    Apple suspends AI notification summaries for news after generating false alerts

    January 16, 2025
  • Apps

    YouTube mobile video editor is coming to iOS

    June 27, 2025

    Tiktok is testing its own version of Instagram's “broadcast channel”

    June 27, 2025

    Google launches DOPPL. This launches a new app that lets you visualize how your outfit looks to you

    June 26, 2025

    Apple updates rules for the EU App Store by adding more complicated pricing

    June 26, 2025

    Threads allow you to manage hidden words apart from Instagram and set time limits

    June 26, 2025
  • Crypto

    Vitalik Buterin reserves for Sam Altman's global project

    June 28, 2025

    Calci will close a $185 million round as rival Polymeruk reportedly seeks $200 million

    June 25, 2025

    Stablecoin Evangelist: Katie Haun's Battle of Digital Dollars

    June 22, 2025

    Hackers steal and destroy millions of Iran's biggest crypto exchanges

    June 18, 2025

    Unique, a new social media app

    June 17, 2025
  • Security

    FBI, cybersecurity firms say prolific hacking crews are currently targeting airlines and transportation sectors

    June 28, 2025

    Prolific cybercrime gangs currently targeting the airline and transportation sector

    June 27, 2025

    US and French authorities confirm arrest of a violation form hacker

    June 26, 2025

    Homeland Security warns about Iran-backed cyberattacks targeting US networks

    June 26, 2025

    Ring cameras and doorbells now use AI to provide specific descriptions of motion activities

    June 25, 2025
  • Startups

    7 days left: Founders and VCs save over $300 on all stage passes

    March 24, 2025

    AI chip startup Furiosaai reportedly rejecting $800 million acquisition offer from Meta

    March 24, 2025

    20 Hottest Open Source Startups of 2024

    March 22, 2025

    Andrill may build a weapons factory in the UK

    March 21, 2025

    Startup Weekly: Wiz bets paid off at M&A Rich Week

    March 21, 2025
  • TechCrunch

    OpenSea takes a long-term view with a focus on UX despite NFT sales remaining low

    February 8, 2024

    AI will save software companies' growth dreams

    February 8, 2024

    B2B and B2C are not about who buys, but how you sell

    February 5, 2024

    It's time for venture capital to break away from fast fashion

    February 3, 2024

    a16z's Chris Dixon believes it's time to focus on blockchain use cases rather than speculation

    February 2, 2024
  • Venture

    Jesse Draper's Halogen Ventures closes $30 million Fund III to focus on the “future of a family”

    June 27, 2025

    Only 2 Exhibitor Tables to get grabs at TC at all stages – billed by June 29th

    June 27, 2025

    Founders of 01A share their playbook in 2025

    June 27, 2025

    TC All Stage regains early release prices for limited time

    June 27, 2025

    This AI-powered startup studio is planning to launch 100,000 companies a year – truly

    June 27, 2025
TechBrunchTechBrunch

Synctera is the latest Banking-as-a-Service startup to lay off staff

TechBrunchBy TechBrunchMarch 26, 20243 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr WhatsApp Email
Share
Facebook Twitter LinkedIn Pinterest Telegram Email


Banking-as-a-Service (BaaS) startup Synctera has undergone an organizational restructuring that resulted in job cuts, the company confirmed to TechCrunch.

Synctera did not disclose the number of employees affected, but a report in Fintech Business Weekly estimates the number to be around 17, or about 15% of the company. Doing the math, the company had about 113 employees before the layoffs and about 96 today.

Synctera has built a platform designed to connect fintech companies with sponsoring banks. The company recently announced an $18.6 million extension round to its $15 million Series A announced in March 2023. At the time, the company also announced the hiring of Lee Gross as its new chief revenue officer and clients BTG Pactual and Flutterwave.

Investors include NAventures, the corporate venture arm of the National Bank of Canada. Lightspeed Venture Partners; Fin Capital; Banco Popular. and Mana Ventures.

When asked about the layoffs, a company spokesperson wrote in an email: “ThinkTerra is restructuring the company and reducing its workforce as a result and is committed to supporting those affected. We will also focus on adding SaaS services.”

It's not the only VC-backed BaaS company to recently resort to layoffs to preserve cash. Finance Prime cut its 100-person staff by half in February, a year after announcing a $40 million Series C raise. And last October, Andreessen Horowitz-backed Synapse confirmed it had laid off 86 people, about 40% of the company. Figure Technologies, which includes Figure Pay, laid off 90 of his employees, about 20% of its workforce, last July.

Meanwhile, Piermont Bank has terminated its relationship with the start-up unit, FinTech Business Weekly reported.

BaaS refers to different types of business models, such as providing bank-like services to other players in the industry. or provide charter and banking services but not underwriting. Alternatively, you can also provide a banking component. This is not a bank, but more like a fintech that provides bank-like services without a charter.

BaaS players face challenges, particularly a regulatory crackdown in 2023. For example, companies offering BaaS to fintech partners accounted for more than 13% of severe enforcement actions by federal banking regulators last year, according to S&P Global Market Intelligence. Unfortunately, startups navigating these challenges may have to resort to further layoffs to catch up.

Want more fintech news delivered to your inbox? Sign up for TechCrunch Fintech here.

Want to provide a tip? Email maryann@techcrunch.com or text Signal 408.204.3036. You can also send notes to the entire TechCrunch staff at tips@techcrunch.com. For more secure communications, click here to contact us. This includes links to SecureDrop (instructions here) and encrypted messaging apps.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

7 days left: Founders and VCs save over $300 on all stage passes

March 24, 2025

AI chip startup Furiosaai reportedly rejecting $800 million acquisition offer from Meta

March 24, 2025

20 Hottest Open Source Startups of 2024

March 22, 2025

Andrill may build a weapons factory in the UK

March 21, 2025

Startup Weekly: Wiz bets paid off at M&A Rich Week

March 21, 2025

Wayve CEO shares his key elements for scaling autonomous driving technology

March 21, 2025

Leave A Reply Cancel Reply

Top Reviews
Editors Picks

7 days left: Founders and VCs save over $300 on all stage passes

March 24, 2025

AI chip startup Furiosaai reportedly rejecting $800 million acquisition offer from Meta

March 24, 2025

20 Hottest Open Source Startups of 2024

March 22, 2025

Andrill may build a weapons factory in the UK

March 21, 2025
About Us
About Us

Welcome to Tech Brunch, your go-to destination for cutting-edge insights, news, and analysis in the fields of Artificial Intelligence (AI), Cryptocurrency, Technology, and Startups. At Tech Brunch, we are passionate about exploring the latest trends, innovations, and developments shaping the future of these dynamic industries.

Our Picks

Vitalik Buterin reserves for Sam Altman's global project

June 28, 2025

FBI, cybersecurity firms say prolific hacking crews are currently targeting airlines and transportation sectors

June 28, 2025

YouTube mobile video editor is coming to iOS

June 27, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

© 2025 TechBrunch. Designed by TechBrunch.
  • Home
  • About Tech Brunch
  • Advertise with Tech Brunch
  • Contact us
  • DMCA Notice
  • Privacy Policy
  • Terms of Use

Type above and press Enter to search. Press Esc to cancel.