TabaPay, which offers instant payment services, agrees to acquire assets of banking-as-a-service startup Synapse, after Synapse filed for Chapter 11 bankruptcy
We are excited to announce that TabaPay is acquiring the assets of Synapse. TabaPay, Inc. : TabaPay to Acquire the Assets of Synapse Financial Technologies, Inc. X: Rohit Mittal / @rohitdotmittal : For all the time and energy we put in some verticals of fintech, there are almost no big companies. BaaS started 8-10 years ago and we have only 1 company valued at $1B. A few examples: - Synapse: sold assets to Tabapay - Bond: sold to FIS - Solid: fighting lawsuits with... Sheel Mohnot / @pitdesi : Synapse, once the Banking as a Service leader & the starting point for many neobanks, filed for bankruptcy Mercury, Relay, Cleo, Dave, Yotta, Stilt, Copper were all Synapse clients, but all moved on, some to other BaaS providers (like Unit), some to their own infra. [image] Jason Mikula / @mikulaja : Synapse officially filed for Chapter 11 bankruptcy today Lists est $10m-$50m assets & $10m-50m liabilities to 50-99 creditors Top creditors include Lineage, First Horizon, Mastercard, Trulioo, Fiserv, Performline, Yotta, and... TabaPay [image] Simon Taylor / @sytaylor : The first casualty of the BaaS consent orders has fallen. Synapse is bankrupt with some assets to be acquired by Tabapay. Synapse was a pioneer of the model, founded in 2014. But it was also leading on compliance and risk, which is something regulators haven't taken kindly to....