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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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.

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Article Details

Author / Journalist: Mary Ann Azevedo

Category: StartupsBusiness

Markets: United StatesChinaIndia

Topics: Fintech Startups

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-25 @ 15:00:00 (1 months ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 2006 words

Reading Time: 12 minutes read

Sentences: 87 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 21083941

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