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Founded Year

2001

Stage

Acquired | Acquired

About Synapse

Synapse is a product development and consultancy firm working with companies worldwide to drive innovation and introduce cutting-edge devices that positively impact lives.

Headquarters Location

1511 6th Ave Suite 400

Seattle, Washington, 98101,

United States

206-381-0898

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Expert Collections containing Synapse

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Synapse is included in 1 Expert Collection, including Conference Exhibitors.

C

Conference Exhibitors

5,302 items

Synapse Patents

Synapse has filed 18 patents.

The 3 most popular patent topics include:

  • autonomous cars
  • car sharing
  • classification algorithms
patents chart

Application Date

Grant Date

Title

Related Topics

Status

10/23/2018

1/12/2021

H1 receptor antagonists, Piperidines, Amines, Pyridines, Imidazoles

Grant

Application Date

10/23/2018

Grant Date

1/12/2021

Title

Related Topics

H1 receptor antagonists, Piperidines, Amines, Pyridines, Imidazoles

Status

Grant

Latest Synapse News

a16z-backed fintech Synapse lays off 40% of its staff

Oct 8, 2023

a16z-backed fintech Synapse lays off 40% of its staff ·2 mins read Even the brightest stars can experience turbulence in the fast-paced finance industry, where innovation rules supreme. With the revelation of significant layoffs, Synapse, a financial firm with headquarters in San Francisco, shocked the sector. This is the second round of employee cuts in recent months. We investigate the specifics of these layoffs, the unique history of Synapse, and the potential repercussions on the fintech industry as a whole as the fintech giant struggles to navigate a changing financial landscape. Credits: Tech Crunch The Layoffs at Synapse Synapse, a provider of financial technology, has revealed that it just let go of 86 employees, or an astounding 40% of its workforce. This depressing report comes after a prior round of layoffs in June during which the company said goodbye to 18% of its workforce. According to Synapse’s official statement, the “current macroeconomic conditions” have started to throw a shadow over its clients and platforms, impeding the company’s once-ambitious expansion goals. Fintech Business Weekly’s reporting on the last round of layoffs included the bombshell that Mercury, one of Synapse’s well-known clients, had given notice of non-renewal and intended to switch directly to Evolve. This revelation casts doubts on the company’s client relationships and raises intriguing questions about the driving forces behind such a significant client exodus. Synapse: A Brief Odyssey Let’s take a step back and glimpse into the intriguing history of Synapse, which originally sailed under the name SynapseFi. Founded in 2014 by Bryan Keltner and the India-born CEO Sankaet Pathak, the company’s inception was nothing short of a personal quest. Pathak, an international student in the United States, experienced firsthand the exasperating hurdles of opening a bank account without a U.S. social security history. This ordeal birthed the idea for Synapse, a revolutionary banking-as-a-service platform. Synapse’s platform is the gateway through which traditional banks and fintech luminaries enter the realm of financial innovation. It offers a treasure trove of services, including account creation, transaction processing, and risk management, making it the lodestar for businesses aiming to redefine the financial sector. Synapse’s meteoric rise was punctuated by a $33 million Series B funding round led by the illustrious Andreessen Horowitz in 2019. The startup’s remarkable journey has amassed over $50 million in venture capital. With substantial financial backing and an innovative ethos, Synapse was poised to redefine fintech on a grand scale. The Impact of Layoffs The repercussions of Synapse’s layoffs reverberate far beyond the company’s walls, sparking a series of pertinent questions: Client Conundrum: The abrupt departure of Mercury, one of Synapse’s paramount clients, sends ripples across the industry. It raises red flags about Synapse’s stability and leaves the fintech world pondering the reasons behind such a significant client defection. Fintech clients hinge their trust on service providers like Synapse, seeking a bedrock of reliability and scalability. Unpacking Macroeconomic Challenges: Synapse’s reference to “current macroeconomic conditions” raises eyebrows. While economic fluctuations can undoubtedly sway the fintech sector, a more transparent insight into how these conditions specifically affect Synapse is essential. A clearer narrative of the challenges could empower the industry to adapt and thrive in the face of economic turbulence. The Fintech Arena’s Heat: The fintech domain is a battleground, where competition is fierce, and innovation is non-negotiable. Synapse’s layoffs might well be emblematic of the intense competition that prevails, emphasizing the need for continuous evolution and adaptation to maintain an edge. Investor Sentiment: In the wake of the layoffs and client attrition, the question of how investors will respond looms large. Investor confidence is the lifeblood of fintech startups, often fueling their growth and competitiveness. The impact of Synapse’s recent woes on investor sentiment remains an open book. Conclusion The fintech stage has always been a theater of innovation, where startups seek to disrupt traditional finance. Synapse’s recent layoffs serve as a gripping subplot in this narrative, underscoring the relentless challenges that fintech firms face amid an ever-evolving landscape.

Synapse Frequently Asked Questions (FAQ)

  • When was Synapse founded?

    Synapse was founded in 2001.

  • Where is Synapse's headquarters?

    Synapse's headquarters is located at 1511 6th Ave, Seattle.

  • What is Synapse's latest funding round?

    Synapse's latest funding round is Acquired.

  • Who are the investors of Synapse?

    Investors of Synapse include Cambridge Consultants.

  • Who are Synapse's competitors?

    Competitors of Synapse include Bond and 2 more.

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Compare Synapse to Competitors

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Synapse

Synapse develops a platform helping banks and developers work together. The technology involves developer-facing application programming interfaces (APIs) that allow companies to connect with banks to offer services, and also bank-facing APIs that allow banks to automate and extend back-end operations. It was formerly known as Synapse Payments. It was founded in 2014 and is based in San Francisco, California.

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Productfy offers a fintech platform providing embedded finance solutions for all. The solutions offered include branded card programs, digital banking, secured charge card, disbursements, and more. It was founded in 2018 and is based in San Jose, California.

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NovoPayment provides proprietary open Banking as a Service (BaaS) platform. It enables banks, financial institutions, and others to leverage their existing systems and services to generate new deposits and transaction streams. The company’s offerings include bank-grade integration, middleware services, and a robust, multi-country, multi-currency platform able to address a full range of back-office and front-end payment needs. It was founded in 2007 and is based in Miami, Florida.

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Yapily

Yapily is an open banking platform. The company's platform allows companies to access financial data and initiate payments and offers financial data, account validation, payment, bulk payment, and virtual accounts. The company serves wealth management, lending, digital banking, accounting, payments, and crypto industries. It was founded in 2017 and is based in London, United Kingdom.

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Agora Financial Technologies

Agora Financial Technologies, the FinTech enabler for banks, helps banks to ramp up their digital experience without replacing their core banking system. Agora provides and co-creates tech tools for banks so that they can accelerate their digital journey and implement Fintech products. It was founded in 2018 and is based in New York, New York.

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Solid

Solid operates as a financial technology platform. It allows users to create bank accounts, offer crypto wallets, send payments, issue cards to customers, and build and launch deposit products, such as business and consumer checking accounts. Solid was formerly known as Wise. The company was founded in 2018 and is based in Palo Alto, California.

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