Why We're Co-Leading Synply's Seed Financing Round

Revolutionizing Loan Syndication

In 2019, Corbin Penland, then Head of Loan Syndications at Live Oak Bank, was well-acquainted with the inefficiencies of legacy loan syndication software. For years, he and his team dealt with the frustrations of outdated, fragmented systems that made managing syndicated loans a cumbersome process. Corbin saw firsthand how the existing tools were not only burdensome but also costly, with complex, manual workflows required to accomplish even the most straightforward tasks. This wasn’t just an operational nuisance—it was a bottleneck stifling growth.

Syndicated lending is, in fact, a growing opportunity for banks. The global syndicated loans market is projected to reach $3.8 trillion by 2031, expanding at a compound annual growth rate of 14.2%. Yet, despite this promising outlook, banks have been losing market share to private credit providers and alternative lending platforms, which have rapidly adopted streamlined, technology-driven processes. These non-bank players offer clients faster, more flexible syndication experiences, putting pressure on banks to meet rising demands for speed, transparency, and seamless integration to remain competitive.

For banks, the stakes in syndicated lending have never been higher. However, with outdated and fragmented tools, many institutions find themselves hindered by technology that lags far behind the needs of the modern market. Corbin recognized that if banks were to compete effectively—and leverage the opportunities presented by a rapidly growing market—they would need a better way forward. To execute on this mission, Corbin partnered with co-founder and CTO, Radek Filarski. As a software engineer for more than 20 years, Radek has identified and solved complex problems to build efficiencies for the financial markets. Together, they set out to build Synply, a cloud-based platform designed by bankers for bankers, to streamline the entire syndication process and give banks the tools they need to seize the opportunity.

Introducing Synply: The Cloud-Native Solution for Today’s Syndicated Lending

Synply is a cloud-based platform developed to redefine syndicated lending through automation, real-time data, and seamless integration. Designed to tackle the gaps in current systems, Synply offers a comprehensive, end-to-end solution that simplifies each step of the syndication process, from origination to post-closing management.

Unlike legacy solutions that rely on outdated infrastructure and manual processes, Synply’s platform is fully integrated and cloud-native, ensuring banks can access all relevant information in real time. Key features include automated document generation, real-time position tracking, and electronic covenant tracking—capabilities that allow banks to streamline syndication workflows and improve accuracy. The platform’s open API architecture enables it to integrate smoothly with loan origination systems, core banking platforms, and external data sources, eliminating the need for duplicate entries and enhancing data transparency across the board.

By leveraging platform data, Synply enables sellers to make informed decisions about loan structures, reducing the risk of lost deals and offering execution certainty to stakeholders like credit teams and relationship managers. This data also optimizes the connection between sellers and potential buyers by offering insights into lender credit preferences, helping match the right partners for each deal.

Synply’s design is tailored to the unique needs of the banking industry, providing a single source of truth for all syndicated loan participants. For the sell-side, Synply offers greater visibility into loan structure, helping lenders make more informed decisions and reduce operational risks. On the buy-side, banks benefit from seamless access to live data, reducing the information asymmetry that often characterizes syndicated lending. Additionally, features like automated remittance reporting and electronic covenant tracking provide banks with greater transparency and confidence in their operations. By centralizing all essential tools and data into one intuitive platform, Synply empowers banks to manage syndicated loans with confidence and efficiency.

Post-closing, Synply’s single source of truth allows both buyers and sellers to manage joint portfolios efficiently. Through automated back-end processes, sellers reduce the risk of non-compliance with syndicated credit agreements or participation agreements. Meanwhile, Synply’s core-agnostic integrations give buyers complete transparency into purchased loans, effectively addressing information asymmetry in the loan market. This transparency fosters trust and confidence among all loan market participants, enabling banks to retain top customers, mitigate risk, and enhance the borrower experience.

Loan Syndication by Bankers, for Bankers

Our investment in Synply is more than a financial commitment; it’s a strategic move to bring a transformative solution to our bank LPs that drives meaningful value and impact. Synply was born within Live Oak Bank, a well-known incubator of fintech success stories, many of which have gone on to deliver significant value to the banking industry. Recognizing Synply’s potential, Live Oak spun it out as an independent company, allowing it to grow, innovate, and serve the broader banking sector. Live Oak Ventures, with its long history of seeding impactful companies, is co-leading this round alongside us, underscoring the confidence we both have in Synply’s mission to reshape loan syndication.

Over the past year, Corbin, Radek, and the Live Oak team tested Synply extensively with Live Oak’s syndication partners, who provided enthusiastic feedback that confirmed a real market gap for this solution. This positive reception further inspired Synply’s commercialization beyond Live Oak’s walls, with early adopters like Woodforest Financial Group and OFG Bancorp not only signing on as platform users but also joining the round as investors. For many community and regional banks facing competitive pressures and regulatory demands, tools like Synply offer a way to boost operational efficiency, strengthen client relationships, and grow their syndicated loan portfolios.

Synply provides our LPs with more than just a boost in efficiency; it offers a pathway to expand their syndicated loan offerings, gain deeper insights, and improve customer service. By automating data entry, streamlining workflows, and delivering real-time insights, Synply enables banks to focus on what truly matters—building and maintaining strong relationships with their customers. With flexible, tiered pricing, the platform is accessible to banks of varying sizes, allowing them to leverage innovative technology without overstretching resources.

At Canapi, we are thrilled to co-lead this round with Live Oak Ventures and to partner with other esteemed participants as Synply redefines the future of syndicated lending. Together, we are empowering banks to work smarter, grow faster, and better serve their communities. As we collaborate with Synply and our co-investors, we’re excited to help unlock new growth opportunities and elevate syndicated lending for the modern financial landscape.

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