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"Fintech", a clipped compound of "financial technology", refers to the application of innovative technologies to products and services in the financial industry.This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as ...
The financial technology (fintech) space has evolved rapidly over the past several years as rising interest rates caused many fintech companies to expand their products and services. SoFi has a ...
Yotta relied on Synapse, a fintech company based in San Francisco, to make funds available for deposit and withdrawal to partner banks, such as Arkansas-based Evolve Bank & Trust. Following a dispute between Synapse and Evolve, Synapse filed for Chapter 11 bankruptcy protection in 2024, affecting customers of Yotta and at least 24 other startups.
The CEO of Yotta Savings – a fintech company which relied on Synapse to manage customer deposits – released financial data in November 2024 showing that 13,725 former customers lost deposited money due to the Synapse bankruptcy. They were refunded $11.8 million, a fraction of their $64.9 million deposits.
For customers, fintech promised the best of both worlds: The innovation, ease of use and fun of the newest apps combined with the safety of government-backed accounts held at real banks.
The unraveling of fintech upstart Synapse is rippling through a small corner of the banking world, leaving thousands of customers without access to their money and a mystery about millions of ...
In 2023, SoFi was named as one of the World's Most Innovative Companies by Fast Company in March and one of the World's Top Fintech Companies by CNBC in August. [63] [64] In January, the company was quoted to claim nearly 6% market share in the U.S. personal loans business. [65] Later, by March, it had reached over $10B in total deposits.
Whether you want to take out a loan or send money to a friend, the rise of fintech firms has made giving and getting money much easier. ... One of our most popular items of 2024, AOL readers have ...