Loading article…
TabaPay agrees to buy Synapse’s banking‑as‑a‑service assets for $9.7 M pending Chapter 11 approval, expanding its fintech suite.
TabaPay announced a $9.7 million deal to purchase Synapse Financial Technologies’ lending, brokerage and card‑issuing platforms, a move that hinges on Chapter 11 court approval and promises to broaden TabaPay’s product lineup for its fintech clients【2】.
| At a glance | |
|---|---|
| Deal price | $9.7 million |
| Synapse assets | Lending, brokerage, card‑issuing platforms |
| TabaPay net revenue 2023 | $36 million (up from $26 million in 2022) |
| Employees to be hired | “Quite a few” of Synapse’s ~100 staff |
The acquisition follows Synapse’s filing for Chapter 11 bankruptcy, which lists 50‑99 creditors and estimates assets and liabilities between $10 million and $50 million【2】. TabaPay will absorb Synapse’s operating assets and, according to its CEO Rodney Robinson, use the acquired lending licenses in 44 states to let fintechs launch products such as buy‑now‑pay‑later and secured credit cards directly through TabaPay’s platform【1】. The deal also brings Synapse’s brokerage registration with FINRA and SIPC into TabaPay’s ecosystem, enhancing its ability to serve existing and new fintech customers.
TabaPay processes over a million transactions daily for more than 2,500 U.S. and Canadian clients, including Chime, DailyPay and Upgrade【2】. By adding Synapse’s technology and regulatory approvals, TabaPay aims to become a one‑stop shop for embedded finance, a positioning that could attract fintechs left with fewer BaaS options after recent regulatory scrutiny of similar platforms【1】. The acquisition also secures continuity for Synapse’s customers, as Synapse CEO Sankaet Pathak emphasized that operations will remain unchanged during the transition【2】.
The BaaS sector has faced heightened regulator attention, with several banks receiving consent orders for compliance gaps in fintech partnerships【2】. Synapse’s own challenges—including a $30 million arbitration with former partner Mercury and a $14 million shortfall to customers—highlight the fragility of the model【2】. TabaPay’s move may signal consolidation in the space as firms seek stable, compliant platforms to offer credit and payment services.
The acquisition could reshape the competitive landscape of banking‑as‑a‑service, giving TabaPay a broader regulatory foothold and a diversified product suite, while the ultimate success will depend on court approval and seamless integration of Synapse’s assets.
Coverage is mostly measured — 8 of 8 reports stay neutral.
Every Monday — the token unlocks, Fed dates & catalysts set to move crypto and markets this week. So you’re never blindsided.
Free · 3-min read · one-click unsubscribe
AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jun 18, 2026 · How we report
A report by trustee Jelena McWilliams indicates an $85 million discrepancy between the $265 million in customer balances and the $180 million held by partner banks, but the exact source of the missing funds is still unknown.
More than 100,000 customers of various fintech companies that used Synapse have been locked out of their savings accounts.
The trial showed consistent signals of benefit in functional endpoints, including improved hand grip strength and motor function, with effects persisting up to seven days after treatment ended.
Ignaseclant was reported as well tolerated, with all adverse events classified as mild or moderate and no serious adverse events or discontinuations.
NMD Pharma plans to conduct larger and longer-term studies to further evaluate ignaseclant’s efficacy and safety in Charcot‑Marie‑Tooth disease.