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SoftBank-backed TabaPay is buying the assets of a16z-backed Synapse, after it filed for bankruptcy
Banking-as-a-service (BaaS) startup Synapse has filed for Chapter 11 bankruptcy and its assets will be acquired by TabaPay.
San Francisco-based Synapse, which operated a platform enabling banks and fintech companies to develop financial services, was founded in 2014 by Bryan Keltner and India-born CEO Sankaet Pathak. In a Medium post, Pathak said he was “excited” about the acquisition, writing: “Leveraging TabaPay, customers will join a thriving ecosystem of 15 bank partners, 16 network connections, 2,500+ existing clients, and domain expertise of the collective team.” Last June, FIS, the fintech giant that runs a wide range of payment, banking and investment services, announced it had acquired Bond, a startup that specialized in embedded finance.
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