Synapse ropes in $33m in Series B

BFSI News

Synapse-ropes-in-33m-in-Series-B Synapse ropes in $33m in Series BSynapse, a San Francisco, California-based fintech start-up, as per recent reports, has just closed a series B funding round, raising $33 million in investment funding. The recent funding round was led by a16z (Andreessen Horowitz), a Menlo Park, California-based private venture capital firm, and was participated by Synapse’ existing investors Trinity and Core and unnamed individual investors, including 9Yards Capital.

With this recent funding, along with $17 million Series A last year, in Sep. 2018, Synapse, to date, has raised $50 million in total funding. Synapse claims that its cloud-based tools have over three million users, with 10,000 new signups and five million API requests every day.

Synapse, with its impressive figures of over $2 billion in automated clearing house (ACH) and $40 million in payment card transactions for over 100 companies this year [to date], has facilitated transactions totaling more than $10 billion.

The company specializes in Payments, Bank Transfers, Bank Account Creation, ACH, Next Day Payments, and APIs.

Synapse, by collaborating with Mastercard and Visa, plans on building direct processor integrations with both Mastercard and Visa, to speed up card issuance API calls and unlock features like just-in-time funding and dynamic spending controls.

“After 2019, our goal is to add support for two key markets each year, plus one underserved market, where we will build consumer-facing products until developer ecosystems are built,” states Sankaet Pathak, co-founder & CEO, Synapse.

As a part of this recent investment, a16z’s Angela Strange and Michael Hoffmeyer, Director – Crews Centre for Entrepreneurship at the University of Memphis, have joined Synapse as members of its board of directors.