A fintech collapse is rippling through a small corner of the banking world
The unraveling of fintech upstart Synapse is rippling through a small corner of the banking world, leaving thousands of customers without access to their money and a mystery about millions of dollars that went missing. Four small US banks have some of the money. No one is sure where the rest went. The saga surrounding the bankruptcy of Synapse, a 10-year-old fintech firm, puts a new spotlight on how loose webs of partnerships between venture-backed upstarts and FDIC-backed lenders can go so wrong./ Regulators are more closely scrutinizing ...
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