Fintech nightmare: 'I have nearly $38,000 tied up' after Synapse bankruptcy
Publishing timestamp: 2024-05-23 13:18:03
Summary
Dispute between fintech startup Synapse and its banking partners has left potentially millions of Americans without access to their money for nearly two weeks. The situation escalated after Synapse declared bankruptcy, cutting off access to technology systems for processing transactions. This has left users of several fintech services stranded with no access to their funds. The freeze-up of customer funds exposes vulnerabilities in the banking as a service partnership model and raises concerns about regulatory oversight.
Sentiment: NEGATIVE
Keywords: investment strategy, banks, personal finance, dave inc, breaking news: investing, fintech, breaking news: markets, business news,
Source: https://www.cnbc.com/2024/05/22/synapse-bankruptcy-customer-funds.html