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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 ...
One woman had $280,000 disappear after the collapse of a fintech company. She only ended up getting $500 back ... Evolve Bank & Trust worked to return the money tied up in complicated ledger ...
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 ...
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.
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.
Tally Technologies, Inc. (or simply Tally) was a San Francisco, California-based American financial services company founded by Jason Brown and Jasper Platz in 2015. [1]The company's smartphone app helps its users pay down their credit card debt, based on an analysis of their personal financial profiles and a new line of credit it provides with a lower interest rate. [2]
One customer, a Maryland teacher named Chris Buckler, said in a May 21 filing that his funds at crypto app Juno were locked because of the Synapse bankruptcy. “I am increasingly desperate and ...
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.