Banking as a service

Tearsheet’s Embedded Conference Preview: Sankaet Pathak, Synapse

  • Synapse provides a banking as a service platform to hundreds of financial apps.
  • CEO Sankaet Pathak is speaking at Tearsheet's Embedded Conference.
close

Email a Friend

Tearsheet’s Embedded Conference Preview: Sankaet Pathak, Synapse

Synapse CEO Sankaet Pathak is one of our speakers at Embedded, our first-of-its-kind conference on Embedded Finance. Finance is spreading to every industry and every app. To keep the conversation and networking levels high, we've limited the number of seats to 100. Secure your spot.

Genesis Story: When Sankaet to America, he couldn’t get a bank account without a Social Security number. The only way he could get a bank account is by walking into a bank branch with an adviser letter from his university and other forms. "I remember thinking that maybe it’s because I’m new to this country. It will get better over time. It really didn’t," he said.

Synapse's Sankaet Pathak

Sankaet began building a consumer bank like Simple to solve this problem, but he soon saw that the problem was bigger and systemic. "I realized that I didn’t want to compete with Simple — I wanted to make companies like Simple easier to exist," he said. "So I pivoted to build a platform that makes it easier for developers to build and scale financial products that work for everyone."

While Synapse wouldn't provide a list of its clients, challenger bank Dave and YieldStreet appear to use its services.

What Synapse does: Synapse can white label anything that shows up on a bank's homepage. Synapse has built products in the payments, deposits, and lending categories. Payments include ACH, wire, and card processing transactions; deposits include opening up deposit accounts, account routing numbers and debit card issuance; and lending includes the ability for any technology company to originate and service a loan.

How Synapse differentiates itself: Synapse has three main differentiators: the broad range of services it offers, the commercial model of a flat monthly fee for services, and the ability to deploy quickly. See Tearsheet's Banking as a Service Buyers Guide to read more about Synapse.

Growth: 250 companies have built financial products using Synapse, resulting in over 1.8 million end users onboarded. Synapse has processed over $10 billion in deposits.

Investors: Synapse has raised $50 million from investors including Andreesen Horowitz, Core Innovation Capital, and Trinity Ventures.

Hear from Synapse's Sankaet, as well as executives from other leading Embedded Finance companies like Cambr, MX, Finix, and Marqeta. Get tickets here.

0 comments on “Tearsheet’s Embedded Conference Preview: Sankaet Pathak, Synapse”

Banking as a service

How mutually beneficial partnerships within the BaaS ecosystem can help banks and fintechs expand into lending: Piermont Bank’s Rodrigo Suarez

  • In a conversation about BaaS relationships during Tearsheet Talks, Piermont Bank's chief banking officer shares valuable insights on the dynamics of bank-fintech partnerships.
  • Delve into the world of sustainable collaborations by learning how aligning incentives and leveraging expertise can reshape the future of banking.
Tearsheet Editors | October 24, 2023
Banking as a service

On raising a financially informed generation: Behind Stockpile’s new debit card targeting families

  • Digital brokerage platform Stockpile has teamed up with Green Dot to launch a youth-focused debit card as part of Stockpile’s product lineup.
  • CEO of Stockpile, Victor Wang and Green Dot's Simran Singh share insights on how this collaboration supports building financial confidence among younger consumers.
Sara Khairi | October 19, 2023
Banking as a service

Greenlight gears up its B2B offerings with “Greenlight for Banks”

  • On Wednesday, Greenlight announced the launch of its new B2B product “Greenlight for Banks” with which FIs can integrate its services within their own ecosystems. 
  • With the integration, banks can access Greenlight’s entire suite of family-oriented banking tools such as financial tools for earning, saving, spending, and giving.
Rabab Ahsan | April 04, 2023
Banking as a service

Download Tearsheet’s Buyers Guide to Banking as a Service 2022

  • With the advent of Banking as a Service, any company can become a bank by integrating banking products into their existing offerings.
  • Tearsheet's guide helps decision makers at fintechs and top brands choose the right BaaS partner to grow their business.
Subboh Jaffery | December 21, 2022
Banking as a service, New banks

The Big Bank Theory Conference 2022: All session videos

  • Tearsheet's Big Bank Theory Conference brings together the most innovative players changing the face of the financial institution.
  • Here are the videos from this year's conference, held in December online.
Shabih Rao | December 21, 2022
More Articles