There is an $85 million shortfall between what partner banks of fintech middleman Synapse are holding and what depositors are owed, according to the court-appointed trustee in the Synapse bankruptcy.

There is an $85 million shortfall between what partner banks of fintech middleman Synapse are holding and what depositors are owed, according to the court-appointed trustee in the Synapse bankruptcy.

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. The implosion of banking-as-a-service ...

Jelena McWilliams, bankruptcy trustee for Synapse Financial and former chair of the Federal Deposit Insurance Corp., said the bankruptcy of the fintech middleware firm in April has been "devastating" ...

Nine-year-old Synapse Financial Technologies has long been a leader in banking-as-a-service, a niche of software providers offering startups a streamlined way to make use of financial infrastructure ...

There is an $85 million shortfall between what partner banks of fintech middleman Synapse are holding and what depositors are owed, according to the court-appointed trustee in the Synapse bankruptcy.

“If a fintech partner went bankrupt or had other issues, we are in control of those deposits,” said Teri Hodgett, chief risk officer at Sunrise Banks, at left. Reid Whiting, chief banking officer of ...