Synapse Financial Technologies, Inc. was a banking as a service company which filed for chapter 11 bankruptcy protection in April 2024.[1][2] The company was backed by Andreessen Horowitz.[3]
It had roughly 100 direct business relationships, and indirectly served roughly 10 million retail customers through those relationships.[4]
Following the bankruptcy declaration, some customer banks lost access to Synapse's services, leaving questions as to the location of funds.[5][6]
References
edit- ^ Azevedo, Mary Ann (2024-05-25). "Synapse, backed by a16z, has collapsed, and 10M consumers could be hurt". TechCrunch. Retrieved 2024-11-23.
- ^ "Abrupt shutdown of financial middleman Synapse has frozen thousands of Americans' deposits". AP News. 2024-05-22. Retrieved 2024-11-23.
- ^ Kauflin, Jeff. "Broken Synapse: Why Employees And Customers Are Fleeing This Andreessen-Backed Fintech Startup". Forbes. Retrieved 2024-11-23.
- ^ Weinberger, Evan (June 12, 2024). "Andreessen-Backed Fintech's Meltdown Shows Bank Middlemen Risks". Bloomberg Law.
- ^ Chakravarty, Rajashree (October 30, 2024). "5 lessons learned from Synapse's collapse". Banking Dive. Retrieved 2024-11-23.
- ^ Sweet, Ken; Associated Press (May 23, 2024). "Abrupt bankruptcy of financial middleman Synapse freezes bank accounts of tens of thousands of U.S. businesses and consumers". Fortune. Retrieved 2024-11-23.
External links
edit- Official website, archived from the original in 2024
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