Jonah Crane, a partner at Klaros Group and former Treasury Department official, breaks down the recent collapse of fintech company Synapse, which has left thousands of customers without access to their funds. Crane also reflects on the regulatory response and the broader impact Synapse’s failure will have on Banking as a Service.
Lee’s X: @leereiners
Jonah’s X: @JonahCrane
Related Links
Klaros Group: https://www.klaros.com/
Does BaaS have a future: https://www.klaros.com/post/does-baas-have-a-future
Nearly $109 million in deposits held for fintech Yotta’s customers vanished in Synapse collapse, bank says: https://www.cnbc.com/2024/06/21/synapse-collapse-nearly-109m-in-yotta-customer-deposits-vanish.html
Abrupt shutdown of financial middleman Synapse has frozen thousands of Americans’ deposits: https://apnews.com/article/synapse-evolve-bank-fintech-accounts-frozen-07ecb45f807a8114cac7438e7a66b512
