The assets of bankrupt Banking-as-a-Service (BaaS) provider Synapse are going up for sale next month. B Riley Advisory Services, the group handling the sale, announced Friday (Oct. 25) a pair of deadlines for interest bidders: Nov. 4, 4 p.m. PT for initial indications of interest,...
The continued fallout from the collapse of Synapse Financial Technologies has heightened the discussion — and regulatory examination — of how end-user and various types of accounts are handled as FinTechs and banks join forces. As a new legal front to the saga opens in...
Four Democratic U.S. Senators have a message for bankrupt FinTech Synapse: Let your customers get access to their deposits. The four senators — Senate Banking Committee chair Sherrod Brown of Ohio, Ron Wyden of Oregon, Tammy Baldwin of Wisconsin and Pennsylvania’s John Fetterman — wrote...
It’s been a bad month for Evolve Bank & Trust, and it’s only getting worse. Following a “cease and desist” order issued to the bank on June 14, the Arkansas-based lender on Wednesday (June 26) publicly confirmed the news that a ransomware gang had hacked...
September 18, 2024
The continued fallout from the collapse of Synapse Financial Technologies has heightened the discussion — and regulatory examination — of how end-user and various types of accounts are handled as FinTechs and banks join forces. As a new legal front to the saga opens in a courtroom, the chorus calling for change will only grow […]
June 21, 2024
The relationships between FinTechs, banks and neobanks has been placed under a harsh spotlight with the recent revelations around the Synapse bankruptcy. The reaction from the industry so far has...
June 17, 2024
The Federal Reserve Board issued a “cease and desist” order against Evolve Bancorp and its subsidiary, Evolve Bank & Trust, that may have a chilling effect on bank-FinTech partnerships. In addition...
January 12, 2024
Mixed performances across the FinTech IPO Index brought about a negative 1% return through the past week. The specter of interest rates staying lofty for longer — because the latest...
November 27, 2024
Evolve Bank & Trust said Wednesday (Nov. 27) that the “vast majority” of end user funds related to the Synapse Financial Technologies bankruptcy that were once held by Evolve were moved by Synapse to other banks about a year ago, before the bankruptcy. The bank continues to look for the money but can provide only […]
October 27, 2024
The assets of bankrupt Banking-as-a-Service (BaaS) provider Synapse are going up for sale next month. B Riley Advisory Services, the group handling the sale, announced Friday (Oct. 25) a pair...
July 02, 2024
Four Democratic U.S. Senators have a message for bankrupt FinTech Synapse: Let your customers get access to their deposits. The four senators — Senate Banking Committee chair Sherrod Brown of...
January 10, 2024
Evolve, a vacation rental hospitality company, has partnered with payment network Affirm to provide pay-over-time options to travelers. Affirm will be the exclusive pay-over-time partner of Evolve, which has more than 30,000...
