Synapse Financial Technologies
FintechUSAClosed 2024
Total Raised
$50M
Peak Valuation
Undisclosed
Employees
157
Year Collapsed
2024
Business model
Banking-as-a-service infrastructure connecting fintech apps to FDIC-insured partner banks.
In brief
Operated as critical "banking-as-a-service" plumbing between dozens of fintech apps (including Yotta and Juno) and their partner banks. A breakdown in reconciliation between Synapse's internal ledgers and actual bank-held funds left a $65-96M shortfall, freezing over $265M for mo…
See the What Happened tab for the full account.
Key facts
- Founded
- 2014
- Closed
- 2024
- Headquarters
- San Francisco, USA
- Industry
- Fintech
- Employees
- 157
- Revenue
- Undisclosed
- Founders
- Sankaet Pathak
Related failures
Tally
2015–2024Fintech · USA
Ran out of funding$172MCushion
2016–2024Fintech · USA
Ran out of funding$21.6MDaylight
2020–2023Fintech · USA
Ran out of funding$20MAlza
2021–2025Fintech · USA
Ran out of funding$6.6MPowa Technologies
2007–2016Fintech · UK
Ran out of funding$180MVolt Bank
2017–2022Fintech · Australia
Ran out of funding$154M
Often compared with: Unit, Treasury Prime.