The missing funds explain what is at the heart of the worst meltdown in the U.S. fintech sector since its emergence after the 2008 financial crisis.
There is an $85 million shortfall between what partner banks of fintech middleman Synapse are holding and what depositors are owed, according to the court-appointed trustee in the Synapse bankruptcy.
But the banks need much more information to complete the project, including understanding how a Synapse brokerage and lending business may have impacted fund flows, said McWilliams. Synapse apparently comingled funds among several institutions, using multiple banks to serve the same companies, she said.
But users whose funds were pooled in a communal way known as FBO, or For Benefit Of, accounts, will have a harder time getting their money. A full reconciliation will take weeks more to complete, she said.
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