FinanceUS

Synctera Layoffs

March 2024

Synctera announced a layoff affecting 17 employees (15% of its workforce) in March 2024. The company operates in the Finance sector.

People Affected

Percentage

15%

Announced Date

Mar 26, 2024

About

Synctera, a banking-as-a-service (BaaS) startup, laid off approximately 17 employees in March 2024, representing about 15% of its workforce, which reduced its total staff from around 113 to 96. The company confirmed the layoffs were part of a restructuring aimed at preserving cash and refocusing on its core business, including expanding SaaS offerings for banks and companies. This move aligns with a broader trend of VC-backed BaaS firms, such as Treasury Prime and Synapse, implementing similar staff reductions amid industry challenges. Synctera had recently secured an $18.6 million extension to its Series A funding, highlighting the ongoing adjustments within the fintech sector.