The Fintech Blueprint
What really happened at Synapse according to Founder Sankaet Pathak
Oct 7, 2024
Sankaet Pathak, former CEO and founder of Synapse and current CEO of Foundation, delves into the rise and challenges of banking-as-a-service. He reveals the revelations behind Synapse's issues, including reconciliation problems and missing payments. Pathak discusses the complex relationship with bank partners and the regulatory oversights encountered in the fintech space. The conversation also highlights the potential role of blockchain technology and the importance of transparency to regain customer trust in a shifting financial landscape.
48:32
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Quick takeaways
- Synapse's pivot to a Banking-as-a-Service model highlighted the critical need for robust infrastructure to support accessible financial services for underserved populations.
- Discovery of significant reconciliation issues and missing payments with banking partner Evolve underscored the importance of accurate financial reporting and accountability in banking partnerships.
Deep dives
Origins of Synapse and Banking Infrastructure Challenges
Synapse was founded to address the existing gaps in the financial services infrastructure, particularly for underserved populations. Initially, the founder aimed to develop a consumer-focused platform akin to Revolut, but discovered the inadequate underlying banking technology made such ventures unfeasible. Instead, the company pivoted towards providing a Banking-as-a-Service model, focusing on building critical infrastructure such as onboarding and payment processing systems. Ultimately, Synapse's mission was to create accessible financial services for credit-invisible individuals, making their journey pivotal in the banking evolution.
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