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Industries
Fintech
Financial Services
Company Size
51-200
Company Stage
Series B
Total Funding
$49.3M
Headquarters
San Francisco, California
Founded
2014
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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Total Funding
$49.3M
Meets
Industry Average
Funded Over
3 Rounds
Industry standards
401k Company matching contribution
Parental leave & family support
Medical, dental & vision benefits
Life insurance & LTD
Flexible location, remote-friendly
PTO and Holidays
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
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
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
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
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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Industries
Fintech
Financial Services
Company Size
51-200
Company Stage
Series B
Total Funding
$49.3M
Headquarters
San Francisco, California
Founded
2014
Find jobs on Simplify and start your career today