United States
activeFeaturedNeobankBroker
- HQ
- San Francisco
- Fee
- Free Checking & Savings
Synapse
The BaaS middleware that froze other people’s money.
Closed 2024-04
Rate this app
4.1Caution
AlternativesOur take
Desk verdict
If a US fintech cannot name the insured depository and show that the ledger lives there, score safety like this.
Synapse was banking-as-a-service plumbing for dozens of US fintechs. In 2024 it collapsed and end-user funds froze. Partner banks were solvent; the records were not. Every Chime/Mercury-style review in this register is written in that shadow.
Synapse lists BaaS middleware under Partner banks in United States. On safeguarding we currently write: FDIC pass-through only works if records at the insured bank are right — they were not. An AML programme is claimed. There is no IBAN-class local rail on the flags we store. We list 1 live markets on the product. As we score the sticker: monthly —; FX —; ATM —. This desk would open it for: The case study behind every ‘who holds the deposit?’ line in this register.
What it does well: . What to watch: Bankrupt middleware. Desk score 4.1 / 10 (safety 1.5, fees 7.0, features 7.0, app 6.0). Last verified 2026-08-01. Headquartered in San Francisco, United States; founded 2014. None of this is advice — it is a file so you can read the entity before the card colour.
Best for: The case study behind every ‘who holds the deposit?’ line in this register.
Closed 2024-04
Chapter 11. Ledger breaks between Synapse and partner banks left end-users unable to access funds even when banks were solvent.
Pros
Cons
- −Bankrupt middleware
How it actually works
- Custody
- Insured bank deposit
- Local rails
- ACH / USD
- Built for
- Personal
- Settlement
- App-ledger instant; bank rails per corridor
- Review risk
- Closed — no new customers
- Pay surface
- No card rail listed
Safety
FDIC pass-through only works if records at the insured bank are right — they were not
- Partner banksBaaS middleware · United States
Fees
- Monthly
- —
- FX markup
- —
- ATM
- —
Features
- –IBAN
- –Fee-free core
- –Multi-currency
- –Apple Pay
- –Google Pay
- –Virtual card
- –Physical card
- –Metal card
- –Crypto
- –Stocks
- –Business
- –Kids
- –Halal
- Was: BaaS APIs for neobanks
Score
- Safety25%
- 1.5
- Fees20%
- 7.0
- Features15%
- 7.0
- App15%
- 6.0
- Global15%
- 2.0
- Support10%
- 1.0
Change log
Full logNo dated notes yet. When the licence, fees, or status moves, it lands here.
Available in
FAQ
Is Synapse a bank?+–
Synapse is not a licensed deposit-taker in the classic sense. Treat the balance as a fintech ledger until you confirm the holder.
How is money protected?+–
FDIC pass-through only works if records at the insured bank are right — they were not
Where is Synapse available?+–
We list 1 market desk on the desk. Residency and onboarding rules still sit with Synapse.
Card and wallets?+–
No card rail listed
Ratings and reviews
No published user reviews yet. The desk score still comes from licence, fees, and the product — not from a empty star average.
Alternatives
Full alternatives page
activeFeaturedNeobank
- HQ
- San Francisco
- Fee
- Free
activeFeaturedBusiness banking
- HQ
- San Francisco
- Fee
- Free core operations
From the desk
news · 2026-05-11 · 2 min
Chime’s partner banks, restated
The Bancorp Bank, N.A. and Stride Bank, N.A. If those names change, the page will too.
blog · 2026-04-09 · 10 min
After Synapse: how to read a US neobank that is not a bank
FDIC pass-through is a record-keeping claim. If the middleware holds the ledger, you have a new kind of risk.