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Synapse, backed by a16z, has collapsed, and 10 million consumers could be hurt

Synapse, backed by a16z, has collapsed, and 10 million consumers could be hurt

100 fintechs could be in trouble, with funding prospects weakened for many more

By Mary Ann Azevedo, Tech Crunch

Last year, the fintech startup world — star of the 2021 venture capital heydays — began to unravel as VC funding grew tight. As we step into mid-2024, large chunks of the sector today are a downright mess, especially the banking-as-a-service area which, ironically enough, experts last year told us was the bright spot. 

The bankruptcy of banking-as-a-service (BaaS) fintech Synapse is, perhaps, the most dramatic thing going on now. Though certainly not the only bit of bad news, it shows just how treacherous things are for the often-interdependent fintech world when one key player hits trouble. 

More here >

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