Amid financial turmoil, Synapse's collapse could have a profound impact on 10 million users of BaaS fintech and its backer a16z is faced with mounting pressure.

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TechCrunch 3w ago

Amid financial turmoil, Synapse's collapse could have a profound impact on 10 million users of BaaS fintech and its backer a16z is faced with mounting pressure. - TechCrunch

Quick Summary:

But I do think this situation, combined with all the increased scrutiny, will make banks (traditional and fintech alike) a lot more hesitant to work with a BaaS player, opting instead to establish direct relationships with banks as Copper hopes to do.And they should be wary.

Last year, the fintech startup world — star of the 2021 venture capital heydays — began to unravel as VC funding grew tight.

It was providing those types of services as an intermediary between banking partner Evolve Bank & Trust and business banking startup Mercury, among other customers.