Banking Platform Synapse Launches Global Cash for FinTechs

Synapse, the global banking-as-a-service (BaaS) platform, has rolled out a new cash management account product, a press release said Tuesday (May 24).

Called Global Cash, it will let residents in 35 countries invest and hold U.S. dollars.

The release said this will let FinTechs expand their market reach, simplifying their onboarding of international customers, granting international customers access to U.S.-based account features.

Global Cash is particularly aimed at underbanked people, freelancers, gamers and influencers. It provides debit cards, bank transfers, virtual account numbers, and cross-border transfers.

One customer is Nomad, a Brazilian startup that lets travelers send local currency to U.S. accounts, avoiding foreign exchange fees and costly credit cards. The Synapse platform includes identity and risk management capabilities including know your customer (KYC) and anti-money laundering (AML).

“Global Cash delivers on the promise of truly modern, borderless, and equitable access to financial services for customers without geographic limitations,” said Synapse CEO and Co-Founder Sankaet Pathak. “With so many entrepreneurial global citizens earning their living on the web, we’ve had an overwhelming demand for this product. Before Global Cash there was no easy way to deploy global financial products; a company’s options were to build from scratch or integrate with subpar BaaS providers in each country. Synapse eliminates those roadblocks, helping companies facilitate global account services efficiently and simply through a unified platform.”

See also: Synapse Raises $33M As It Gears Up To Expand

PYMNTS wrote that Synapse in 2019 raised $33 million in venture funding.

The round was intended to get more financial services to the masses by letting banks and FinTechs work alongside developers.

Synapse wanted to “take the complexity out,” allowing for a middleman to make it so companies could connect with banks.

Pathak was quoted saying the company wanted to make it easier for developers to build and scale financial products.

“We don’t think Bank of America, Chase and Wells Fargo will be front and center” of new FinTech, he said. “We want to make it really easy for internet companies to distribute financial services.”