Synapse, a Banking as a Service (BaaS) provider labeled in 2023 as one of the World's Best Fintech Companies by CNBC, is in the throes of bankruptcy. In just
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Last week, lawyers for the banking-as-a-service startup told a judge that the company, which had been serving 100 fintechs with 10 million customers, was working around the clock to wind down and solve account access problems.
Tens of thousands of customers have already lost access to more than $114 million of their own funds, as banking-as-a-service business comes under scrutiny.