The Spectacular Synapse Collapse

The spectacular collapse of fintech middleman Synapse has left $200 million in customer money frozen and up to $95 million missing, with no clear answers about where the funds went. After Synapse, a financial technology company connecting other fintechs to banks, filed for bankruptcy in April 2024, customers of apps like Yotta, Juno, and Copper found themselves locked out of their savings.
Founded in 2014 by Sankaet Pathak, Synapse connected consumer-facing fintech platforms with banks holding c