Synapse operates a modular platform of developer- and bank-facing APIs designed to simplify integration between developers and banks, with modules for payments, deposits, lending, ID verification/KYC, card issuance and investment services. The company was founded in 2014 and recently rebranded slightly from “SynapseFi”; it also publishes a public product roadmap. Its product strategy is to add features that democratize financial services, including improvements to card issuance, brokerage accounts, expanded lending areas, more detailed KYC and a chatbot platform, while making the platform more self-service. Synapse reaches nearly three million end users and handles about five million API requests daily. Financially, it reported $12 million ARR last year and is aiming to double that this year while keeping burn low enough that it could be profitable in three to four months if hiring stopped. The company is also planning a seed investment program to help developer partners connect with investors and may join partner rounds by offering credit for its services. SynapseFI offers a platform of developer-facing and bank-facing APIs that let banks and fintechs integrate payments, deposits, lending, investment services and white-label crypto wallets. The product aims to standardize bank integrations so financial products can be assembled like "Lego bricks," reducing custom infrastructure work. The company was founded in April 2014 and currently employs over 60 staff while serving a roster of more than 100 financial-industry clients. To date it says it has processed over $10 billion in transactions and helped bank more than 1.5 million people. Management is focused on automating back-office operations, enabling vertical integration and automating financial advice using behavioral science. SynapseFI plans eventual overseas expansion (likely Europe, e.g., the UK or Germany) but notes significant localization will be required.

Total raised

$50M

Funding rounds

2

Latest round

Series B

Latest activity

Jun 2019