United States
activeFeaturedNeobankBroker
- HQ
- San Francisco
- Fee
- $0 on Checking and Savings
Synapse
The BaaS middleware that froze other people’s money.
Closed 2024-04
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4.1Caution
AlternativesFive questions
At a glance
Is it a bank?
No. Synapse is not a licensed bank. Confirm who the money sits with before you send salary there.
If it fails?
FDIC pass-through only works if records at the insured bank are right — they were not
Salary?
Not listed. An IBAN or sort code is not automatically a salary account.
Open from abroad?
Residency and KYC are gated. An App Store listing is not proof you can onboard.
Monthly fee
—
Account number
No IBAN-class local rail on this file.
NeoBankDB Verdict
Licence first · score second
4.1
/10 · Caution
If a US fintech cannot name the insured depository and show that the ledger lives there, score safety like this.
What it is
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.
Best for: The case study behind every ‘who holds the deposit?’ line in this register.
Last checked 2026-08-01. Not advice.
Closed 2024-04
Chapter 11. Ledger breaks between Synapse and partner banks left end-users unable to access funds even when banks were solvent.
What it does well
What to watch
- −Bankrupt middleware
Who holds the money
The account
How money actually moves
- Who holds the cash
- Insured bank deposit
- How money moves
- ACH / USD
- Built for
- Personal
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Closed — no new customers
- Card
- Synapse has no card listed on this file.
Licence first
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
Straight answers
FAQ
01Is Synapse a bank?
Synapse is filed as BaaS middleware. The named regulator is Partner banks. Still read the entity on the statement before you send money.
02What happens to money in Synapse if it fails?
FDIC pass-through only works if records at the insured bank are right — they were not
03What does Synapse charge each month?
The monthly fee on this file is —. Fees change — open the operator's pricing page if it is linked.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
Alternatives
activeFeaturedNeobank
- HQ
- San Francisco
- Fee
- Free
activeFeaturedBusiness banking
- HQ
- San Francisco
- Fee
- Free core operations
From NeoBankDB
News11 May 2026 · 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.
Read the noteNote9 Apr 2026 · 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.
Read the note