Synapse

Synapse

Provides banking platform via APIs

About Synapse

Simplify's Rating
Why Synapse is rated
B-
Rated C on Competitive Edge
Rated B on Growth Potential
Rated B on Rating Differentiation

Industries

Fintech

Financial Services

Company Size

51-200

Company Stage

Series B

Total Funding

$49.3M

Headquarters

San Francisco, California

Founded

2014

Overview

Synapse Financial Technologies offers a banking platform that helps businesses create and launch financial products without needing to build their own infrastructure. The company provides APIs that allow clients to integrate various financial services, such as issuing loans, processing wire transfers, and managing payment systems like ACH and debit cards. These APIs are designed to be easy for developers to use, enabling quick implementation of financial services. Synapse's business model is based on charging fees for API access, which can include transaction fees and subscription fees. This approach allows businesses to focus on their core operations while utilizing Synapse's technology for financial services. The goal of Synapse is to empower a wide range of clients, from startups to established financial institutions, to offer banking services efficiently.

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Significant Headcount Growth
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Simplify's Take

What believers are saying

  • Growing demand for developer-friendly APIs in fintech boosts Synapse's market potential.
  • Expansion potential in international markets as global fintech adoption increases.
  • Opportunity to strengthen partnerships with banks seeking to modernize services.

What critics are saying

  • Increased regulatory scrutiny could raise operational costs and limit business flexibility.
  • Bankruptcy has led to a loss of trust among partner banks and clients.
  • Ongoing FDIC enforcement actions against partner banks may disrupt Synapse's services.

What makes Synapse unique

  • Synapse offers developer-friendly APIs for quick financial service integration.
  • Their platform supports a wide range of services like loans and wire transfers.
  • Synapse enables fintechs to offer banking services without building infrastructure from scratch.

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Funding

Total Funding

$49.3M

Meets

Industry Average

Funded Over

3 Rounds

Notable Investors:
Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Meet Average

Industry standards

$35M
$33M
Synapse
$45M
Linktree
$65M
Substack
$100M
ClickUp

Benefits

401k Company matching contribution

Parental leave & family support

Medical, dental & vision benefits

Life insurance & LTD

Flexible location, remote-friendly

PTO and Holidays

Growth & Insights and Company News

Headcount

6 month growth

15%

1 year growth

7%

2 year growth

14%
PYMNTS
Jul 30th, 2024
Synapse Credit Loses Lending License, Highlighting Stark Differences Between Fintechs And Banks

Warren Buffett once remarked that it’s when the tide goes out that you find out who’s been swimming naked. The continuing regulatory examinations of various parts of the Synapse Financial Technologies web of operations gives some stark illumination between the differences — and perhaps some may say widening gulf — between traditional banks and FinTechs. And to take a cue from that Buffett comment, the reality is that the tide is going out on Synapse, revealing the extent to which a seeming lack of internal controls or processes have been generating negative ripple effects across the financial services landscape

PYMNTS
Jul 11th, 2024
Synapse-Connected Banks Reportedly Closer To Releasing Customer Funds

Banks connected to the collapse of Synapse are reportedly close to recovering customers’ frozen funds. These banks have made progress in putting together account information for those customers, which could mean their funds being released within weeks, CNBC reported Thursday (July 11), citing a source briefed on the matter. Staff from Evolve Bank Trust and Lineage Bank have in particular had success after recently hiring a former Synapse engineer to unlock data from the bankrupt FinTech middleman, said the source

PYMNTS
Jul 10th, 2024
Fdic Warnings On Nonbanks Point To Gaps In Deposit Insurance

They say there are no guarantees in life. That sentiment applies to financial services — at least, depending on where you look, or what promises are made by nonbanks. With traditional financial institutions (FIs), such as the banks that have been around for decades, even centuries, there are some guarantees. Up to $250,000

PYMNTS
Jul 2nd, 2024
Dem Senators To Synapse: Let Customers Access Deposits

Four Democratic U.S. Senators have a message for bankrupt FinTech Synapse:. Let your customers get access to their deposits. The four senators — Senate Banking Committee chair Sherrod Brown of Ohio, Ron Wyden of Oregon, Tammy Baldwin of Wisconsin and Pennsylvania’s John Fetterman — wrote to the company’s owners and FinTech partners Monday (July 1), calling on them to restore customers’ access to their funds

PYMNTS
Jul 1st, 2024
Thread Bank, Unit’S Baas Partner, Receives Latest Fdic Enforcement Action

2024 is fast becoming the summer of consent orders for smaller banks. That’s because, with the news Friday (June 28) that Tennessee-based Thread Bancorp is now the latest financial institution (FI) to come under the Federal Deposit Insurance Corporation’s (FDIC) scrutiny, managing for the operational, compliance and strategic risks that come with third-party tie-ups is top of mind for both banks and their FinTech partners. FDIC enforcement actions are typically made public on the last Friday of the month, and the order issued to Thread, a popular partner bank for dozens of FinTechs, is unique in that it explicitly calls out the bank’s Banking-as-a-Service (BaaS) and Loan-as-a-Service (LaaS) programs

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