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On April 22, 2024, San Francisco-based Synapse Financial Technologies, a technology company funded by well-known investor Andreessen Horowitz, filed for Chapter 11 bankruptcy protection. The collapse of the decade-old middleware platform dropped like a bomb for neobanks, their customers and their partner banks. For many banks and nonfinancial companies, middleware platforms have played an important role in a business model called banking as a service, or BaaS, connecting chartered financial institutions to nonfinancial companies that want to offer financial products — such as deposit accounts, loans or payments. The Synapse bankruptcy is another black eye on a group of banks…
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WRITTEN BY
Emily McCormick
Vice President of Editorial & Research
Emily McCormick is Vice President of Editorial & Research for Bank Director. Emily oversees research projects, from in-depth reports to Bank Director’s annual surveys on M&A, risk, compensation, governance and technology. She also manages content for the Bank Services Program, including Bank Director’s Online Training Series. In addition to speaking and moderating discussions at Bank Director’s in-person and virtual events, Emily writes and edits for Bank Director magazine, BankDirector.com and Bank Director’s weekly newsletter, The Slant. She started her career in the circulation department at the Knoxville News-Sentinel and graduated summa cum laude from The University of Tennessee with a bachelor’s degree in Spanish and International Business.