Even the brightest stars can experience turbulence in the fast-paced finance industry, where innovation rules supreme. With the revelation of significant layoffs, Synapse, a financial firm with headquarters in San Francisco, shocked the sector.
Banking-as-a-service startup Synapse confirmed today that it has laid off 86 people, or about 40% of the company. The San Francisco-based company, which The company's last known raise was a $33 million Series B raise led by Andreessen Horowitz.
San Francisco, Oct 7 (IANS) Fintech startup Synapse, backed by global VC firm Andreessen Horowitz (a16z) and run by Indian-origin CEO Sankaet Pathak, has laid off 86 people, or nearly 40 per cent of its workforce.