Syncfy will actively participate in the Open Finance Revolution in Colombia

May 5, 2023

Syncfy participated in #OpenFinanceMarket, an event organized by LATAM Fintech Hub, which in 2023 brings together more than 400 regional leaders from the fintech ecosystem to analyze the future of financial services in the region.

Syncfy, with a strong presence in Mexico and the United States, secured a $10 million seed capital investment in 2022 to invest in the development of regional businesses in Latin America, primarily in three countries: Colombia, Argentina, and Brazil.

The investment was led by Point72 Ventures and also included JAM Fund, Ausum Ventures, Avalancha Ventures, FJ Labs, MANTIS Venture Capital, and XBTO Humla Ventures. Prominent investors include Tether co-founder Brock Pierce and quantum artificial intelligence engineer Hartmut Neven.

The funds will be used to expand the range of Open Finance, Open Fiscal, and Open Data services, data aggregation and enrichment solutions, payment solutions in key markets, Machine Learning + AI, Infrastructure, and Data Visualization.

This year, Colombia is one of the countries in which Syncfy will expand its operations. According to Allied Market Research, the Colombian Open Banking market will reach $60 million by 2025.

Colombia is the third country in the region to implement Open Finance regulation. At least 75% of Colombia’s internet population uses fintech solutions, demonstrating a high degree of adoption and acceptance of these technologies in the country, with a market that already includes more than 320 fintech companies.

Syncfy now offers over ten years of experience developing Open Finance solutions for banks and fintech companies worldwide to Colombia’s financial sector. The company operates under the highest global quality and security standards, holding ISO 27001 certification, which ensures information security management that prioritizes the confidentiality, integrity, and availability of information.

“A new generation of entrepreneurs in Latin America has the opportunity to generate unprecedented changes in the financial system through Open Finance,” says Claudio Montoya, CTO of Syncfy.

Latin America is experiencing an unprecedented transformation in Open Finance, with data aggregation services quickly becoming innovation enablers and new business models. Syncfy’s technology allows for quick and efficient connections between any institution and any platform, thus driving the Open Finance revolution in LATAM.