Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 6 companies across 1 category.
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Synapse was founded in 2014 as a banking-as-a-service platform (the self-styled 'AWS of banking') connecting fintechs to sponsor banks for deposits, card issuance, ACH, and credit. After raising $51M from a16z and others, it expanded into Credit Hub (2021, with Mastercard) and Global Cash (2022). Reconciliation failures between Synapse's ledger and partner banks (notably Evolve Bank & Trust) caused a liquidity crisis, leading to Chapter 11 in April 2024 and a months-long freeze of ~10M consumer accounts at downstream fintechs (Yotta, Juno, Mercury historically). The collapse became the defining cautionary tale for the US BaaS middleware model.
Other BaaS providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.
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<img src="https://www.embeddedfinanceindex.com/api/badge/synapse/install" width="1" height="1" alt="" style="display:none">6 companies are linked to Synapse in the Embedded Finance Index 2026, through their own public disclosures or Synapse's published customer list, including Curacubby, Mazoola, Copper Banking, Cheese, Boss Money and Gravystack.
Synapse is an embedded-finance provider in BaaS. It ranks #65 of 340 BaaS providers by linked companies.
The most-named BaaS alternatives to Synapse are Evolve Bank & Trust (71 buyers), Sutton Bank (63 buyers), Cross River (56 buyers), Pathward (48 buyers), ClearBank (39 buyers) and Thread Bank (35 buyers).
Synapse was founded by Sankaet Pathak and Bryan Keltner and is founded in 2014, headquartered in San Francisco, CA, USA.
Synapse has raised $51M in total.
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