Endeavor Catalyst is the rules-based, co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies and to sustain Endeavor’s long-term operations in a mission-aligned way. Launched in 2012, Endeavor Catalyst has ~$500M+ AUM across four funds and has made 260+ investments to date in 35+ different markets. Today The Endeavor Catalyst portfolio has 53 companies valued at $1B+. Investments include Globant (NYSE:GLOB), Rappi, and Creditas in Latin America; Yemeksepeti.com and Careem in MENA; and Bukalapak and Carro in Indonesia.

Endeavor Catalyst

Fuel Venture Capital is a firm located in the heart of Miami's iconic Coconut Grove where it works to fund the world's most promising startups and integrate lifelong investors into the creative economy. Fuel Venture Capital applies a tested methodology to mitigate the risk of early-stage investing. Founded in 2016, Fuel Venture Capital is industry agnostic in its venture sourcing, targeting instead exceptional entrepreneurs with experience and vision. The firm’s “founder-focused, investor-driven” approach is led by a core team with decades years of combined experience in investment banking, wealth management, and executive leadership.

Fuel Venture Capital

IDC Ventures is the venture capital arm of Grupo IDC, a Latin American investment bank founded in 1995. Grupo IDC’s activities cover Private Equity, Venture Capital, Real Estate, Infrastructure, Corporate Finance, and a Guatemalan Broker-Dealer. For the past decade, IDC has been involved in technology start-ups through co-managed funds, direct investments, and joint ventures, working with tech companies to accelerate their penetration and expansion across LATAM. The latest fund is created by a select group of corporate leaders, successful entrepreneurs. and venture capitalists from Latin America. This fund will invest in tech start-ups from Series A to growth stages across Europe, the US, and Latin America.

IDC Ventures

Visa Ventures is the corporate venture investment function of Visa, Inc. With a global focus, the team engages with innovative payments, fintech, and technology companies and seeks to identify and invest in the most attractive opportunities that give Visa early access to innovative technologies and emerging themes.

Visa Ventures

NovoPayment

NovoPayment accelerates financial innovation globally via API-enabled banking as a service platform. It enables digital financial and transactional services in support of varied use cases. NovoPayment utilizes APIs and other flexible delivery models to help banks, financial institutions, merchants, networks, marketplaces, neo banks, and other financial service providers to leverage their existing systems to generate new deposits, transaction streams, and customer experiences.

<div>NovoPayment offers a multi-currency, multi-country, banking-as-a-service (BaaS) infrastructure platform for financial institutions, merchants, neobanks, and marketplaces. The infrastructure covers digital banking, payments (via Visa Direct, Mastercard Send, ACH, and SWIFT), and card solutions (to issue and manage prepaid, debit, and credit cards). </div>

Democratizing financial technology with a suite of API-based solutions

FinTech Infrastructure

<div>
 
 NovoPayment offers a multi-currency, multi-country, banking-as-a-service (BaaS) infrastructure platform for financial institutions, merchants, neobanks, and marketplaces. The infrastructure covers digital banking, payments (via Visa Direct, Mastercard Send, ACH, and SWIFT), and card solutions (to issue and manage prepaid, debit, and credit cards). 
 
 
 
 
 The Miami-based company primarily focuses on the Latin American region and is present in 14 markets (as of April 2022). It generated around 85% of its revenue from the region as of September 2021, with the remainder coming from the US. Its revenue in 2021 reportedly amounted to “tens of USD millions.”
 
 
 
 NovoPayment is connected to over 60 endpoints (as of April 2022) and claims that users can build banking solutions in under a month, using the platform. The company’s customer base grew by 40% in 2021 and then reached about 50 customers in April 2022. 
 
 
 
 NovoPayments 
 <a href="https://sp-edge.com/updates/9812?industryIds=53">
 raised USD 19 million in Series A funding
 </a>
 in April 2022 co-led by Fuel Venture Capital and IDC Ventures to invest in product development, broadening its partner network, expanding its customer base in the US and Latin America, and recruitment.  
 
</div>

<div>
 
 Cross River Bank provides a white-label banking-as-a-service (BaaS) platform for enterprises, combining banking services, payments, and marketplace lending infrastructure to build fintechs. Its solutions comprise demand deposits, savings accounts, credit and debit cards, and payment clearing services, including automated clearing house (ACH) and real-time payments. The company also provides banking and payment infrastructure for the crypto industry, including risk management services for its crypto clients.
 
 
 
 
 Key customers and partnerships 
 
 
 
 
 As of December 2020, the company had over 400 employees, and had entered into more than 30 partnerships. Moreover, as of March 2021, the platform had been used to support over 375,000 small businesses through the paycheck protection program (PPP).
 
 
 
 Cross River Bank teamed up with UK-based BaaS provider 
 <a href="https://sp-edge.com/companies/421515">
 Railsr
 </a>
 in January 2019 to launch a common API for their platforms to be used globally. As of April 2022, Cross River had over 80 clients including lenders such as Affirm, Best Egg, and Upstart, neobanks such as 
 <a href="https://sp-edge.com/companies/220119">
 Revolut
 </a>
 , and blockchain-based payment processing platform GreenBox. The platform reportedly originated over USD 24 billion in loans per annum, around 10x the value of loans it originated in 2015.
 
 
 
 
 Cross River Bank has expanded its operations by acquiring Betterfin, a platform offering lending-as-a-service (LaaS) solutions, in November 2021. Through the acquisition, Cross River Bank leveraged Betterfin’s software to digitize parts of the small-business lending process (such as origination and underwriting). 
 
 
 
 The company partnered with 
 <a href="https://sp-edge.com/companies/1643">
 American Express
 </a>
 (Amex) to enable FinTechs to issue credit cards through Cross River Bank, on the Amex network, while also providing select Amex benefits to the FinTechs. 
 
 
 Funding and financials
 
 
 
 
 The company 
 <a href="https://sp-edge.com/updates/9458">
 raised USD 620 million in funding
 </a>
 co-led by Eldridge and a16z, at a valuation of over USD 3 billion, to invest in product developments, recruitment, international expansion, and boosting strategic partnerships.
 
 
 
</div>

Cross River Bank

Synctera was co-founded in 2020 by Peter Hazlehurst, the former head of Uber Money, who previously led the development of Google Wallet. The company offers an API-based infrastructure platform for community and regional banks to find and partner with FinTechs. This enables FinTechs to leverage the former’s licenses to embed FDIC-insured mobile checking, debit cards, savings accounts, and payment innovations, among other features. The API platform offered to the banks will then be sold to the FinTechs to code on. Although the end customers interact with the FinTechs, they legally belong to the bank.<a href="https://sp-edge.com/updates/8117">Synctera mainly charges the banks </a>based on the interchange fees they earn (half of the interchange fees, as of January 2022) from the services provided. It does not charge them an initial amount to use the platform. Moreover, the platform also embeds fraud-as-a-service and charges FinTechs on a per transaction basis (4 cents per transaction) should they choose to use it. It subsequently shares that revenue 50/50 with the banks.The company launched the “t-minus10” project in January 2022, which offers a live sandbox for FinTechs to build apps, test, and go to market, enhancing their access to banking partners. It subsequently launched a “Smart Charge Card” (APIs to build, launch, and issue charge cards) and “White-label Banking App” (a codebase for developers to build embedded banking products or neobank apps) infrastructure in October 2022.Key customers and partnershipsIn February 2022, Lineage Bank (a community bank in Tennessee) and GoGetr (FinTech aiming to promote health and wealth management) became the first companies to launch a banking solution using the Synctera platform. As of March 2023, the platform was working with around 50 fintechs, of which 14 were live (including Wayapay and Float). Synctera reportedly had over 20 implementations set for launch in the following two months.Synctera announced a new card issuing and management infrastructure offering (Card-as-a-Service), in July 2021, which it developed in partnership with Mastercard and leading card issuing infrastructure disruptor, <a href="https://sp-edge.com/companies/64287">Marqeta</a>.Funding and financialsIn March 2024, Synctera raised USD 18.6 million in <a href="https://sp-edge.com/updates/27244">Series A1 extension</a> co-led by Lightspeed and Fin Capital. The company earmarked the funds to support business growth by facilitating more complex use cases across the US and international markets. The company also <a href="https://sp-edge.com/updates/16980?industryIds=53">raised USD 15 million</a> in funding led by NAventures in March 2023, to invest in expanding the platform’s use cases and broadening its geographic footprint beyond the US (including expanding to Canada). Meanwhile, Synctera has also partnered with the National Bank of Canada to enable companies to launch FinTech apps and embedded banking products in Canada.

Synctera

<div>
 
 Based in the UK, Weavr, formerly known as Open Payments Cloud, was spun out of payment provider Ixaris in 2019. Weavr offers the infrastructure for enterprises to embed banking services across various industries, including education, fitness, logistics, etc. Weavr&rsquo;s &ldquo;Meta&rdquo; platform combines multiple banking and payments partners in one platform through application programming interfaces (APIs). Using the APIs, enterprises can embed virtual banking services such as card payments, fund transfers, and international banking accounts.&nbsp;
 
 
 
 Weavr expanded its operations to Singapore in November 2022, as part of its global expansion plans.&nbsp;
 
 
 
 
 Key customers and partnerships
 
 
 
 
 As of July 2021, Weavr&rsquo;s customers included Finway, Thanks Ben, and MySkillCamp, among others.&nbsp;
 
 
 
 
 In October 2019, Weavr partnered with payment service providers Global Processing Services (GPS), Paynetics, and iDenfy to enable developers to create and run sophisticated and streamlined payment experiences for their European customers through Weavr.&nbsp;
 
 
 
 
 Funding and financials
 
 
 
 Weavr 
 <a href="https://sp-edge.com/updates/8647?industryIds=53">
 raised USD 40 million
 </a>
 in Series A funding in February 2022, led by Tiger Global, less than a year after 
 <a href="https://sp-edge.com/updates/4166">
 raising GBP 4 million (USD 5.5 million)
 </a>
 in seed funding in July. The funds were earmarked for business development and recruitment to support Weavr&rsquo;s expansion to the US market, while also supporting its continued expansion in the UK and Europe. 
 
</div>

Weavr

<div>
 
 MX offers an open finance portal, data connectivity application programming interface (API), and MX platform API for banks, credit unions, and other financial service providers. The company’s solutions allow its clients to utilize financial data to reduce fraud, approve loans faster, and improve their customer experiences. In addition to APIs and connections, MX also offers a range of capabilities, including data aggregation, analytics, financial feed insights, wealth and investment services, and verification services. 
 
 
 
 
 MX looks to enable banks and financial institutions to launch next-generation services and apps that automate and personalize financial experiences. As of January 2021, the company noted that it worked with more than 2,000 banks, credit unions, and FinTech companies, and its platform reached over 200 million end-users. Moreover, it also powered 43 of the top 50 digital banks as of the same period. 
 
 
 
 
 In 
 <a href="https://sp-edge.com/updates/8753?industryIds=53">
 February 2022, MX partnered
 </a>
 with 
 <a href="https://sp-edge.com/companies/361160">
 Rize
 </a>
 , to enable users to access Rize’s banking infrastructure to build, launch, and scale financial products through a single API, thereby reducing the development time and cost.
 
 
 
 
 In January 2021, MX raised USD 300 million in a Series C funding round led by TPG Capital, at a valuation of USD 1.9 billion. The newly raised funds are to be invested in improving MX’s capabilities, expanding its global presence, and increasing its workforce. In January 2021, MX noted that its headcount tripled over the past two years, reaching 550 staff members. 
 
 
 
 
 The company appointed Shane Evans as interim chief executive officer (CEO) in January 2022, to prepare the company for an IPO or sale (at a valuation of over USD 5 billion) and oversee its growth. 
 
</div>

<div>
 
 Synapse offers a banking-as-a-service (BaaS) infrastructure primarily for banking and financial service providers. The infrastructure applies machine learning and automates repetitive back office tasks, covering a breadth of products, including deposit, lending, investment products, and payments platforms, among others. Its white-label infrastructure is available through application programming interfaces (APIs), allowing developers to launch customer-facing FinTech services.&nbsp;&nbsp;
 
 
 The company expanded its platform by launching the &ldquo;Credit Hub&rdquo; offering in August 2021, for financial institutions to help individuals build and access credit, and offer cards, credit building tools, lending accounts, and cashback rewards. Synapse claims its platform enables users to build FinTech solutions in six weeks, compared to the 18 months taken by typical alternatives. The Credit Hub was in private beta until August 2021, and in private beta it had issued around 1 million credit accounts and extended over USD 40 million in credit.&nbsp;
 
 
 In June 2019, the company claimed that its integrations allow developers and apps to reduce the incremental cost of operating financial products to zero, from around USD 130-USD 150.Synapse looks to broaden its global footprint by gradually entering Europe, Asia, Latin America, and Africa. As of June 2019, its operations were limited to the US; however, the company intended to begin its foreign expansion to Canada and Europe by initially launching payment, deposit, and debit card issuances, expanding to lending and investment products thereafter.
 
 
 In October 2023, Synapse 
 <a href="https://sp-edge.com/updates/22521">
 laid off nearly 40% of its workforce
 </a>
 due to worsening macroeconomic conditions having unfavorable impacts on business circumstances, clients, and platforms. In June 2020, the company laid off nearly half of its workforce across 11 departments owing to the Covid-19 pandemic. This was largely due to the pandemic having a negative impact on its customers, who primarily comprised early-stage startups.
 
 
 In 
 <a href="https://sp-edge.com/updates/28683">
 April 2024
 </a>
 , Tabapay acquired the assets and affiliates of Synapse, for an undisclosed sum, following the filing of a voluntary bankruptcy petition under Chapter 11 by Synapse. Through this acquisition, TabaPay planned to leverage Synapse's assets and technologies to broaden its financial services offerings, while Synapse will continue to operate independently.
 
 
 Key customers and partnerships
 
 
 In January 2022, Synapse 
 <a href="https://sp-edge.com/updates/7574">
 partnered with TrueAccord
 
 </a>
 to offer debt collection service infrastructure for its clients.
 
 
 Funding and financials
 
 
 In April 2020, the company&rsquo;s annual recurring revenue was estimated at around USD 20 million-USD 30 million and the company reportedly doubled its revenue in 2020 and saw a 150% revenue growth year-to-date July 2021. Notably, as of January 2021, Synapse had more than 7.8 million users and processed over USD 39 billion in transactions.
 
 
 
 &nbsp; 
 
</div>

Synapse

May specialize in promoting inclusiveness in financial services, primarily in the investment and lending spaces

AI/ML can improve the quality of their offerings, such as using AI/ML to reduce biases

Used for payment completions, accessing banking and transaction data, and providing financial insights, among others

Platforms that allow FinTechs to integrate banking services such as opening and maintaining accounts, facilitating card payments, etc.


NovoPayment

FinTech Infrastructure

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NovoPayment raises USD 19 million in Series A funding

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