embedded fintech

Synapse’s collapse has frozen nearly $160M from fintech users — here’s how it happened

The collapse and bankruptcy of BaaS fintech Synapse has revealed how treacherous things are for the often-interdependent fintech world when one key player hits trouble.  Synapse operated a service that allowed others (mainly fintechs) to embed banking services into their offerings. For instance, a software provider that specialized in payroll for 1099 contractor-heavy businesses used […]

Synapse’s collapse has frozen nearly $160M from fintech users — here’s how it happened Read More »

Synapse’s collapse has frozen nearly $160M from fintech users — here’s how it happened

The collapse and bankruptcy of BaaS fintech Synapse has revealed how treacherous things are for the often-interdependent fintech world when one key player hits trouble.  Synapse operated a service that allowed others (mainly fintechs) to embed banking services into their offerings. For instance, a software provider that specialized in payroll for 1099 contractor-heavy businesses used

Synapse’s collapse has frozen nearly $160M from fintech users — here’s how it happened Read More »

Senators urge Synapse’s owners, partners, and VC backers to restore customers’ access to their money

A group of senators has banded together to urge Synapse’s owners and bank and fintech partners to “immediately restore customers’ access to their money.” As part of their demands, the senators implicated both the partners and investors of the company as being responsible for missing customer funds. In a letter shared publicly on Monday, U.S.

Senators urge Synapse’s owners, partners, and VC backers to restore customers’ access to their money Read More »