Odaily Planet Daily News: BaaS fintech company Synapse raised more than $50 million in total when it was first established, including a $33 million Series B round led by Angela Strange of Andreessen Horowitz (a16z) in 2019. The startup was in trouble due to layoffs in 2023 and filed for bankruptcy protection in April this year, seeking to sell its assets to another fintech company TabaPay for $9.7 million but was rejected. It is not entirely clear why. It is reported that Synapse operates a service that allows other companies (mainly fintech companies) to embed banking services into their products. The company is now almost forced to completely liquidate under Chapter 7, and many other fintech companies and their customers are being implicated by the collapse of Synapse. Jason Mikula, an industry observer and author of Fintech Business Weekly, estimated in a statement that according to documents submitted by Synapse, up to 100 fintech companies and 10 million end customers may be affected by the company's collapse. According to CNBC, the funds of the crypto app Juno were also affected by the Synapse bankruptcy. A Maryland teacher named Chris Buckler stated in a May 21 filing that he was unable to access the funds he held in Juno due to issues related to the Synapse bankruptcy. (TechCrunch)
