Synapse Financial Technologies, Inc. (SynapseFI), an API-based banking platform for financial institutions, yesterday announced a $17 million Series A investment led by Trinity Ventures and Core Innovation Capital. . Schwark Satyavolu of Trinity Ventures and Arjan Schütte of Core Innovation Capital joined the SynapseFI board of directors.
Since its founding in 2014, the company has processed approximately $10 billion in transactions for more than 1.5 million end users. SynapseFI provides white labeled services as APIs to dozens of financial startups and large financial services firms. SynapseFI’s financial products are designed to leverage computer vision, AI, and behavioral science to automate manual services and back-office processes. Key services include payment processing, deposit accounts, debit and credit card issuance, custodial accounts, crypto-wallets, and soon-to-launch investment and loan products.
In addition to its banking products, SynapseFI is also building a new operating system for the wholesale banking industry aiming to make banking processes seamless and conducive to innovation. To achieve this, SynapseFI is focusing on back-office automation and vertical integration of all financial products, which will make wholesale banking easier, more efficient and ultimately more affordable. Back-office automation allows for the implementation of more diverse products and services for SynapseFI’s customers so they can tap into financial products through a simple API.
“The current banking infrastructure needs to change so that financial products are intuitive, easy-to-use and accessible. By automating manual and back-office financial services, we are making banking intelligent, seamless and affordable. Our mission is to help everyone gain access to best-in-class financial products, regardless of their net worth,” said Sankaet Pathak, founder and CEO of SynapseFI. “We are thrilled to have this new infusion of capital to further propel our efforts.”
“Working with banks has traditionally been cumbersome and painful, which limits the possibility of innovation. Synapse is making banking services modern and accessible, insulating developers and customers from the pains that come from the regulatory burdens of managing these products. We’ve seen that modernization of services via APIs enables new waves of innovation in industries like telephony and payments,” said Schwark Satyavolu, general partner at Trinity Ventures. “I am thrilled to invest in SynapseFI as it transforms banking and unleashes a massive new generation of innovation.”
“Synapse is creating the building blocks to democratize personal finance for everyday Americans,” said Arjan Schütte, founder and managing partner, Core Innovation Capital. “Core is proud to partner with the team on this mission.”