Synapse Financial Technologies
 | |
| Company type | Private company |
|---|---|
| Industry | Financial services |
| Founded | April 14, 2014 |
| Defunct | April 2024 |
| Fate | Bankrupt |
| Headquarters | , |
Area served | United States |
| Products | banking as a service to other financial technology companies |
Number of employees | 157 (2024) |
| Website | synapsefi |
Synapse Financial Technologies, Inc. was an American banking as a service company based on San Francisco which filed for chapter 11 bankruptcy protection in April 2024.[1][2] The company was backed by Andreessen Horowitz.[3] Sankaet Pathak was the CEO and co-founder of Synapse.[3]
It had roughly 100 direct business relationships, and indirectly served roughly 10 million retail customers through those relationships.[4]
Following the bankruptcy declaration, some customer banks lost access to Synapse's services, leaving questions as to the location of funds.[5][2]
References
[edit]- ^ Azevedo, Mary Ann (May 25, 2024). "Synapse, backed by a16z, has collapsed, and 10M consumers could be hurt". TechCrunch. Retrieved 2024-11-23.
- ^ a b Sweet, Ken (May 22, 2024). "Abrupt shutdown of financial middleman Synapse has frozen thousands of Americans' deposits". AP News. Retrieved 2024-11-23.
- ^ a b Kauflin, Jeff (April 1, 2020). "Broken Synapse: Why Employees And Customers Are Fleeing This Andreessen-Backed Fintech Startup". Forbes. Retrieved 2024-11-23.
- ^ Weinberger, Evan (June 12, 2024). "Andreessen-Backed Fintech's Meltdown Shows Bank Middlemen Risks". Bloomberg Law.
- ^ Chakravarty, Rajashree (October 30, 2024). "5 lessons learned from Synapse's collapse". Banking Dive. Retrieved November 23, 2024.
External links
[edit]- Official website, archived from the original in 2024
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