Synapse

Synapse Financial Technologies (SynapseFI) was a Banking-as-a-Service (BaaS) platform that provided the middleware infrastructure enabling fintech companies to offer bank-grade deposit accounts, debit cards, and credit products via APIs. Founded in 2014 by Sankaet Pathak, Synapse served over 100 fintech clients and facilitated accounts for approximately 10 million end users by acting as a bridge between nonbank fintech platforms and FDIC-insured partner banks. The company filed for Chapter 11 bankruptcy in April 2024, leading to the freezing of approximately $160M in customer funds across partner fintechs. The bankruptcy case was subsequently converted to Chapter 7 liquidation.