How we helped Synctera accelerate its FinTech Banking Platform go-to-market strategy
The Synctera Story
Regional and community banks in the US enjoy a unique advantage over larger banks, with no limits on the transaction fees they collect. The upside is that these smaller banks can partner with new fintechs (think Stripe, Venmo, GoFundMe — only smaller), who want to go to market with their big ideas but need access to a bank charter to do it.
As partners, the bank earns revenue on fintech transactions, while the fintech (with bank charter in hand) can launch its solution to market.
Although it might seem like a match made in heaven, early-day courtships were rocky. We’re talking about two totally different universes. Banks must walk the straight and narrow, constrained by myriad regulations and compliance oversight, while fintechs tend to move at the speed of light with little to no experience in banking operations.
Founded in 2020, Synctera was created to connect and support both sides of the bank/fintech partnership. The technology platform provides all the tools in a bank’s toolkit for fintechs to use, removing the bank from most of it. Synctera also eases administrative and oversight burdens for the bank while supporting the fintech as it prepares to launch.
It’s a unique (and profitable) model that caught the attention of many VCs and investors, with Synctera raising $33 million in its Series A round of funding in October 2021.
Marketing message strategy
Synctera had to hit the ground running with such a successful Series A round. But as with most start-ups, the scope of the go-to-market strategy far exceeded the size of the team.
This is where TPM came in. Brought on board to help with strategy and execution, we recognized that our work would need to serve two very different audiences. While each segment would have distinct personas and business pain points, the core messaging had to resonate with both.
A closer look
Building an effective marketing message strategy and design for two distinct audiences was an intriguing aspect of working with Synctera. Especially given the complexity of the regulatory banking landscape. While bank partners were excited to work with fintechs, they also had to protect their reputation and standing within the industry.
TPM worked closely with the Synctera Risk Management team to build an incredibly detailed FinTech Banking Playbook. The guide contained all readiness activities and due diligence required by the bank (and its board) to satisfy its risk and compliance responsibilities.
We designed the playbook to be interactive so bank partners could actively manage every step in the process, updating and completing each phase in its entirety — an essential guide for any bank entering a fintech partnership.
The marketing message strategy for fintech partners required a totally different approach. Unfamiliar with banking operations and often overwhelmed by the regulatory due diligence required, fintechs are most interested in finding a bank partner and getting to market quickly.
With such limited domain experience, our messaging had to clearly convey how Synctera supports fintechs entering the market. Not just from a regulatory perspective, but also with the infrastructure and technology needed to properly manage transactions, card issuing, and other bank activities.
Working closely with Synctera product and marketing teams, the TPM design team built a beautiful FinTech pitch presentation. The deck incorporates all of the key messaging we created, along with visually engaging diagrams and iconography to reinforce the brand and the technology.
The presentation is the perfect first step for fintechs that want to partner with a community bank.
Working with Synctera, TPM was able to deliver a well-coordinated and cohesive go-to-market strategy that allowed the company to stay on track with the momentum generated by its successful Series A funding round.
Innovators in an emerging space, Synctera hasn’t slowed down. Today the company has expanded its fintech/banking platform with complementary programs that support fintechs earlier in the go-to-market curve, helping them prepare for a formal bank partnership.
Working with the Synctera team was a wonderful experience; it’s always exciting to see a winning company take off. We have no doubt Synctera will continue on its rocket-like trajectory and we can’t wait to see what they do next!