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Fintech Business Podcast
Fintech Recap: What Synapse's Collapse Means For BaaS, Fintech
Jun 6, 2024
Alex Johnson, creator of Fintech Takes newsletter, discusses Synapse's bankruptcy impact on BaaS & fintech, Visa's new 'crebit' credential, CFPB's buy now, pay later guidance, and ongoing finhealth topics with host.
49:11
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Quick takeaways
- Synapse's bankruptcy impacts BaaS & fintech landscape, raising concerns about end user fund handling and creditor repayment.
- Visa's Flex Credential offers payment flexibility by linking a single card number to multiple accounts, enhancing financial control and user convenience.
Deep dives
Synapse and Tabapay deal aftermath
Following the breakdown of the deal between Synapse and Tabapay, major challenges arose. Evolve Bank and Trust did not fund the missing FBO funds, leading Tabapay to walk away, leaving Synapse in an uncontrolled bankruptcy situation. Disputes regarding fund discrepancies further complicated the situation, with Synapse and Evolve at odds over the handling of end user funds, raising concerns about the accuracy of Synapse's ledgers.
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