Synapse is as a middle-man between customer-facing fintech brands and FDIC-backed banks, but it’s had disagreements about how much in customer balances it…
A dispute between a fintech startup and its banking partners has ensnared potentially millions of Americans, leaving them without access to their money for more than a week, according to recent court documents.
The situation left users of several fintech services stranded with no access to their funds, according to testimonials filed this week in a California bankruptcy court. The situation deteriorated in April after Synapse declared bankruptcy following the exodus of several key partners. On May 11, Synapse cut off access to a technology system that enabled lenders, includingThat has left users of several fintech services stranded with no access to their funds, according to testimonials filed this week in a California bankruptcy court."I am increasingly desperate and don't know where to turn," Bucker wrote.
Customers mistakenly believed that because funds are ultimately held at real banks, they were as safe and available as any other FDIC-insured accounts, said"This is 10 million-plus people who can't pay their mortgages, can't buy their groceries … This is another order of disaster," Mikula said.
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