Fintech Synapse was an early mover in the banking-as-a-service sector, but structural faults and operating problems have led to missing funds and a messy breakup with longtime partner Evolve Bank and Trust. Now, the startup needs to find a replacement fast.
Synapse operates a platform enabling banks and fintech companies to easily develop financial services. It was providing those types of services as an intermediary between banking partner Evolve Bank & Trust and business banking startup Mercury. When Evolve and Mercury decided to end their respective relationships with Synapse and work directly with each other, each entity had concerns that they were working through, according to the companies.
Indian American-led startup Synapse lays off 86 people americanbazaaronline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbazaaronline.com Daily Mail and Mail on Sunday newspapers.