Synapse

Synapse Financial Technologies, founded in 2014 by Sankaet Pathak and Bryan Keltner, operated as a banking-as-a-service (BaaS) provider connecting fintech companies with banks to offer financial services. The company's platform enabled fintechs to embed banking services such as checking accounts, debit cards, and money transfers without needing their own bank charters. Synapse's technology acted as middleware between fintech clients and partner banks, managing customer accounts and transactions. By 2022, Synapse reported USD 76 billion in annual transaction volume across 18 million end users. The company's business model allowed it to work with approximately 100 fintech firms and 10 partner banks. However, Synapse faced operational challenges and disputes with partners, leading to its bankruptcy filing in April 2024. The collapse of Synapse disrupted services for numerous fintech clients and left many end users unable to access their funds, with reports of up to USD 158.6 million in customer deposits frozen. Synapse's downfall highlighted risks in the BaaS model and raised concerns about regulatory oversight in the fintech industry.

Key customers and partnerships

The profile does not provide any additional details about Synapse's key customers and partnerships.