Synply, Inc. Completes Seed Round Financing  

WILMINGTON, N.C., OCTOBER 21, 2024 – Synply, Inc., a cloud-based loan syndications platform, has announced the completion of a Series Seed Financing round. The round raised $4.8 million of capital to fuel the company’s next phase of product development and growth.  

This round was co-led by Canapi Ventures and Live Oak Ventures, with capital commitments from Woodforest Financial Group, OFG Bancorp, TReK Capital Partners, and several industry veterans as individual investors.   

The Synply platform was built by bankers, for bankers. “Putting the customer first is a major part of the Live Oak Bank ethos,” said Corbin Penland, CEO of Synply. Prior to co-founding Synply, Corbin ran the loan syndications team at Live Oak Bank for 6 years. “We didn’t have the tools to create the seamless process that we wanted, both for our borrowers and participants. We built Synply to bridge a critical gap in functionality required to enhance the experience of our banking partners and borrowers.” 

Alongside Corbin Penland, Radek Filarski joins Synply as a co-founder and CTO. With more than 20 years of experience as a software engineer, he has deep expertise in building products for the financial markets. Most recently, he led a core conversion for Live Oak Bank, and previously built statistical arbitrage models for the Morgan Stanley prop trading desk.  

The Synply platform offers users a simplified, intuitive tool to centralize the entire process of syndicated lending and portfolio management. By leveraging platform data, system integrations, and workflow tools, both buyers and sellers can benefit from improved transparency and access to real-time information.  

“Woodforest Financial Group is excited to participate with Synply as an investor and user,” said John Ellis, EVP & Head of Syndications at Woodforest National Bank.  “A syndications software built for bankers by bankers will drive innovation and add value to syndications groups both big and small. We look forward to Synply’s enhancements for agents and participants in the syndications ecosystem” 

“We are thrilled to invest in Synply, a company that addresses a critical gap in loan syndication management with cutting-edge cloud-based technology,” said Walker Forehand, General Partner & President of Canapi Ventures. “Live Oak Bank has an outstanding track record of incubating successful companies like nCino and Finxact, and we see the same potential in Synply. This investment aligns with our commitment to delivering innovative solutions to the banking sector, and we are particularly excited about how Synply’s platform can benefit our LPs, providing them with a powerful tool to streamline loan syndication and enhance efficiency.” 

‍About Synply
‍Synply is a cloud-based technology company dedicated to transforming the loan syndication process for banks. Developed by experienced bankers and incubated within Live Oak Bank, Synply offers a comprehensive set of tools and a user-friendly platform that empowers banks to enhance the entire life cycle of a syndicated loan.    

For questions about this press release, please contact Corbin Penland at corbin@synply.io.