SynapseFI

San Francisco, CA Fintech Private

Synapse Financial Technologies (SynapseFI) was a San Francisco-based banking-as-a-service (BaaS) infrastructure provider founded in 2014 by Sankaet Pathak. The company offered API-based payment, deposit, lending, and card-issuance products that connected nonbank fintech platforms to partner banks such as Evolve Bank & Trust, allowing fintechs to embed banking services into their products. Synapse was an early entrant in the BaaS category and at its peak supported tens of millions of end users across roughly 100 fintech clients. The company filed for Chapter 11 bankruptcy in April 2024 after a planned asset sale to TabaPay collapsed; a trustee subsequently sought conversion to Chapter 7 liquidation, citing gross mismanagement, while reconciliation gaps left tens of thousands of fintech end users locked out of an estimated $65M-$96M in deposits.

Overview

Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Founded

2014

Employees

Wind-down

Total Funding

$50.7M

3 rounds

Funding

Total raised $50.7M across 3 rounds

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Last updated 05-15-2026

Latest Round

Type

Series B

Date

June 7, 2019

Amount

$33M

Valuation

Lead Investors

Andreessen Horowitz
DateRoundAmount RaisedValuationLead Investors
June 7, 2019 Series B $33M Andreessen Horowitz
September 4, 2018 Series A $17M Trinity Ventures, Core Innovation Capital
April 2015 Seed

Prominent Investors

Trinity Ventures Core Innovation Capital Trinity Ventures Core Innovation Capital

Leadership

  • Sankaet Pathak

    Founder & Former CEO

    LinkedIn

Competitors

Competitor list is illustrative and may be incomplete, stale, or erroneous.

  • Unit

    Banking-as-a-service platform offering embedded accounts, cards, payments, and lending APIs to fintechs and brands.

  • Treasury Prime

    Embedded banking software platform connecting fintechs and banks via APIs for accounts, payments, and card issuance.

  • Synctera

    BaaS marketplace and platform connecting community banks with fintechs to launch deposit, card, and lending products.

  • Bond Financial Technologies

    Embedded finance platform providing APIs for branded banking, cards, and credit; later acquired by FIS in 2023.

  • Stripe (Stripe Treasury)

    Payments platform whose Stripe Treasury and Issuing products provide embedded banking and card-issuance infrastructure to platforms.

  • Column

    Nationally chartered bank offering direct API access for payments, deposits, and lending without a middleware layer.

SynapseFI Investment FAQ

Public status and buying access

No. SynapseFI is a private company and does not have a public stock ticker or trade on a public stock exchange. Its shares are generally held by founders, employees, investors, and other private shareholders. Buyers and sellers may be able to transact in SynapseFI shares through private secondary transactions, but any transaction depends on share availability, buyer and seller agreement, transfer restrictions, company approval rights, and any applicable right of first refusal. There is no guarantee that SynapseFI will complete an IPO or other liquidity event.

Yes, it is sometimes possible to buy SynapseFI shares pre-IPO through private secondary transactions. This depends on finding a willing seller, company approval, and satisfying any transfer restrictions or rights of first refusal.

Buyers interested in buying SynapseFI shares on the secondary market typically do so through SetterVC and other secondary-market platforms, subject to eligibility requirements, share availability, transfer restrictions, and issuer approval. Buyers may need to satisfy sophistication, accreditation, institutional, platform, regulatory, or other eligibility requirements before participating. Once eligible, buyers may be able to view listings, make bids, and work with a licensed broker through the transaction process. Buyers should ensure they have appropriate legal and financial advisors guiding them before completing any transaction.

Valuation and funding

SynapseFI's latest disclosed funding round was a Series B round in June 7, 2019. The round raised approximately $33M, with Andreessen Horowitz listed as disclosed lead or major investors. Primary funding rounds are different from secondary transactions: in a primary round, capital goes to the company, while in a secondary transaction, investors buy existing shares from current shareholders. Funding-round data reflects publicly reported or collected information and may be incomplete.

SynapseFI has raised approximately $50.7M in disclosed funding across 3 rounds. These figures reflect primary capital raised by the company and do not include every possible secondary transaction, undisclosed round, debt facility, or private transfer. Reported funding totals can change as new rounds are announced or older round details are corrected. Eligible users can use SetterVC to track SynapseFI's funding history alongside private-market activity where available.

SynapseFI's disclosed investors include Trinity Ventures, Core Innovation Capital, Trinity Ventures and Core Innovation Capital. Investor lists are based on public reporting, company announcements, and collected funding-round data, and may be incomplete. Participation in a prior funding round does not mean those investors are currently buying or selling shares. On SetterVC, eligible users can review SynapseFI's funding history, valuation history, and private-market activity alongside other venture-backed companies.

Market context

SynapseFI's most-cited competitors include Unit, Treasury Prime, Synctera, Bond Financial Technologies, Stripe (Stripe Treasury) and Column. Investors often compare these companies by sector, product focus, valuation, funding raised, growth signals, investor base, and private-market activity.

Secondary-market demand for SynapseFI shares can be affected by company performance, revenue growth, profitability, funding history, valuation, investor interest, sector momentum, public-market conditions, expected timing of a liquidity event, and the availability of shares for sale. Demand can also be affected by transfer restrictions, company approval rights, right of first refusal processes, limited information, and the price expectations of buyers and sellers. Strong demand does not guarantee strong pricing, liquidity, or investment returns. Weak demand does not necessarily reflect the company's long-term prospects. Demand signals should not be treated as a recommendation or prediction of investment performance. Buyers and sellers should treat demand signals as informational and conduct their own diligence before transacting.

Selling and transaction mechanics

Sellers often rely on intermediaries and platforms, such as SetterVC and other secondary-market platforms, to identify potential buyers. The exact process varies by company and transaction, but sellers often begin by confirming their ownership, desired price, transferability, and any company approval or notice requirements. If the seller agrees with a buyer on acceptable price and terms, the company may need to be notified through a share transfer notice or similar process. If a right of first refusal, company approval right, or other transfer restriction applies, the seller may need to wait until that process is completed. The parties may then execute a purchase and sale agreement, complete required transfer documentation, and close if all required conditions are satisfied. Sellers should always seek proper legal and financial advice before completing the transaction.

Yes, current and former SynapseFI employees, early investors, and other existing shareholders may be able to sell vested shares before an IPO through a private secondary sale. This is not automatic; it depends on whether the shareholder has transferable shares, whether there is buyer demand, and whether the company's governing documents permit the transfer. Many companies require prior notice, company approval, or a right of first refusal before shares can be sold. Sellers should also seek proper legal and financial advice before proceeding.

A SynapseFI secondary transaction usually involves an existing shareholder selling shares to a buyer before a public listing. The buyer and seller typically agree on price, number of shares, share class, and closing conditions. The seller may then need to notify SynapseFI through a share transfer notice or similar process. If SynapseFI or existing investors have approval rights, transfer restrictions, or a right of first refusal, those steps may need to be completed before the transfer can close. The parties typically enter into a purchase and sale agreement, complete any required transfer documentation, and close only if the necessary conditions are satisfied. Timing and certainty can vary by company and transaction.

In most private secondary transactions, parties commonly use a purchase and sale agreement that outlines price, terms, and conditions. They may also use share transfer documentation, often a stock transfer notice, share transfer notice, transfer instruction, or similar document, along with any required company approval or right of first refusal materials. Proof of ownership, such as a cap table entry, share certificate, brokerage statement, issuer confirmation, or administrator confirmation, may also be important. Buyers often request recent company financials, but private companies may limit disclosure. Since every deal varies, buyers and sellers should consult legal and financial advisors to understand which documents are needed.

Risk, diligence, and investor caution

Buying SynapseFI shares pre-IPO is risky. Shares are illiquid, no IPO or liquidity event is guaranteed, valuations can change, transfers may require company approval, and private companies may provide limited financial disclosure. Be prepared for total loss. SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, verify information, and seek independent legal and investment advice before proceeding.

Private secondary shares are typically illiquid. Unlike public stocks, there is no active public market, so selling them can be difficult and time-consuming. Sales depend on finding a willing buyer and often require company approval. Investors should be prepared to hold the shares for an extended period, with no guarantee of a future sale. Always assess your need for liquidity before investing.

SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, including verifying ownership, transferability, legal structure, company approval, and assessing the company's prospects. SetterVC and Setter Capital do not provide advice on whether an investment is good, what price to pay, or what the best bid or ask is. SetterVC and Setter Capital may share documents in some circumstances, but it does not guarantee their accuracy or completeness. Due diligence is essential. Seek legal and investment advice as needed.

Before buying SynapseFI shares, a buyer should try to review the share class, price per share, implied valuation, transfer restrictions, ROFR process, company approval rights, seller ownership evidence, recent financing or tender-offer information, available financial information, information rights, resale restrictions, tax considerations, and expected liquidity paths. Not all information may be available for a private company. Buyers should confirm available diligence, process details, and information needs with their own legal, tax, and investment advisers.

SPVs carry risks. Examples include the need to confirm the company allows SPV-based transfers, verify that the SPV truly owns the shares or interests it claims to own, and ensure it has not sold more interests than it holds. Due diligence is essential. Seek legal and investment advice as needed.

Forward contracts carry risks. Examples include the seller refusing to transfer the shares at the future date, even if the seller owns them, the seller going bankrupt with creditors claiming the shares, or the seller committing the same shares to multiple parties. Due diligence is essential. Seek legal and investment advice as needed.

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