SynapseFI raises $17m funding

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SynapseFI raises $17m funding

SynapseFI raises $17m Series A funding to develop its fintech and banking platform

  • SynapseFI’s plan is to build a better operating system for banking that is less expensive to maintain and easy to innovate and to change banking from a lending or transactions business to a [Software-as-a-Service] SaaS business
  • The funding is led by Trinity Ventures and Core Innovation Capital
  • Key Focus ares are Back office automation, vertical integration of all products and services, and behavioral economic research
  • SynapseFI solution provides origination and servicing of unsecured consumer and business loans, including customisable decisioning, automated compliance, and smart notifications
  • Federal Deposit Insurance Corporation (FDIC) coverage of up to $16 million for multi-bank savings account is the latest offering
  • In May SynapseFI launched its first Crypto Wallet for Bitcoin