Syncfy secures $10 million investment to expand its Open Finance services in Latin America

Syncfy, a Mexican company, and a subsidiary of Paybook and a leader in Open Finance, has secured a $10 million investment in a seed round led by Point72 Ventures.

This round of investment also included other prominent investment firms such as JAM Fund, Ausum Ventures, Avalancha Ventures, FJ Labs, MANTIS Venture Capital, and XBTO Humla Ventures. This seed capital round is the largest in the history of Open Finance in Latin America.

This company is dedicated to Open Finance that allows gathering financial data from more than 125 banking institutions, digital wallets, tax authorities, public service providers, cryptocurrencies, and blockchains in more than 15 countries in Latin America and worldwide, all through an API. Its clients include major banks and enterprise software companies such as BBVA and Intuit, as well as growing startups such as Clara.

The raised capital in seed funding will allow Syncfy to further expand in Latin America, where it will strengthen and enhance its presence in Argentina, Brazil, and Colombia. The company plans to use this capital to invest in regional business development and the launch of new financial products. With this investment, Syncfy will be able to meet the growing demand for financial automation from its customers in Latin America and provide a better user experience to more business partners in the region.

In addition to providing data aggregation and financial information development services, the company also offers products such as Syncfy Connect, Syncfy Fiscal, and Syncfy Stamping. These products empower companies to make better decisions and increase efficiency in their financial processes.

Expanding in Latin America

The raised capital will also enable Syncfy to reinforce and promote its leadership in the region. One of the company's goals is to build a more robust platform for AI and Open Finance Automation, which will add great value to the existing infrastructure of Open Banking, Open Government, Open Fiscal, Open Data, data aggregation, cryptocurrencies, and blockchain.

With a wider reach of banking institutions in Mexico, Syncfy has the opportunity to use this investment to continue expanding into markets such as Brazil, Colombia, and Argentina. Over the next few months, Syncfy's API will be enhanced with skills and capabilities such as data visualization, cloud infrastructure, smart contracts, Web3, tokenization, and digital payment technologies.

The seed capital phase was led by Point72 Ventures, one of the leading hedge fund and venture capital firms on Wall Street.

"We believe that Syncfy can help drive the next wave of financial innovation in Latin America, enabling the creation of more inclusive financial solutions that will attract unbanked users to financial services. We are excited to support their vision.", says Pete Casella, former CEO of JPMorgan Chase and now Managing Partner and Fintech Investment Director for Point72 Ventures.