Skip to content
EN
brief us →

Synapse Financial Technologies: the collapse of a banking-as-a-service provider

Research data: Synapse Financial Technologies: the collapse of a banking-as-a-service provider

This dataset contains the same public evidence as the dossier: participants, relationships, events, assertions and sources. Qualifications, replies and known outcomes are retained in JSON, JSONL and CSV. The scope and method explain which original records were accepted; this is not a copy of the original archive.

published
17 oct 2026
records as of
15 oct 2026
entities
61
sources
103
cite entities.csv

Downloads

As of 15 October 2026. 330 claims · 61 parties · 110 connections · 43 events · 103 sources

Scope and method

Covers Synapse Financial Technologies, Inc., its predecessor Synapse Payments, LLC, its subsidiaries Synapse Brokerage LLC and Synapse Credit LLC, its founders, directors, investors and officers, its partner banks and lenders, the fintech partners named as principal partners or holding documented material balances, the Chapter 11 case and the regulatory, civil and reported criminal proceedings that followed, from 2014 to records retrieved on October 15, 2026. It relies on the documents retained by one research collection; filings and articles cited in them but not retained, including Kroll's work for Synapse, board minutes and the oral findings behind the trustee's appointment, were not read. Other fintech clients appear only where the record names them and are not graphed.

Every statement and relationship extracted from the retained documents was read and given a recorded decision, and each public claim was compared with the exact passage of its source document. Allegations were searched for across all retained document text for responses and outcomes, which are kept beside each claim; findings in settlement and consent orders are presented with their neither-admit-nor-deny and non-binding qualifications. Sources other than allowlisted official records of the CFPB, the U.S. Senate, the Federal Reserve, the FDIC, the FFIEC, FINRA, the SEC, the California, Connecticut and New Hampshire financial regulators, the Florida registry and an EU agency are identified by category only, including court filings obtained through third-party docket services. Personal details such as home addresses and ages are omitted, and private individuals in litigation are described by role. The review was carried out by an AI editor without independent human review.

chronology

  1. Sankaet Pathak founds the business as Synapse Payments LLC c-id-founding
  2. Synapse Payments, LLC files a Form D reporting $700,000 of equity sold c-id-payments-formd c-id-payments-edgar
  3. The company converts to a corporation as Synapse Financial Technologies, Inc. c-id-founding
  4. Bank Services Agreement with Evolve Bank & Trust c-md-evolve-agreements
  5. $17 million Series A led by Trinity Ventures and Core Innovation Capital c-pp-series-a
  6. $33 million Series B led by Andreessen Horowitz c-pp-series-b
  7. New Hampshire Banking Department consent order on unlicensed money transmission c-rg-nh-2020
  8. Synapse acquires the broker-dealer that becomes Synapse Brokerage LLC c-st-brokerage-history
  9. Loan and Security Agreement with Silicon Valley Bank c-ch-svb-loan
  10. Growth capital loan agreement with TriplePoint lenders c-ch-triplepoint
  11. Master Bank Services Agreement with Evolve c-md-evolve-agreements
  12. Connecticut notice of intent to refuse renewal of Synapse Credit's licence c-rg-ct-2022
  13. Synapse Brokerage launches the cash management program c-br-launch
  14. Evolve sends a notice of material breach; according to Synapse, Mercury gives notice it will not renew c-ev-breach-notice c-mer-departure
  15. Synapse confirms layoffs of 86 people c-mer-layoffs
  16. Mercury files a petition against Synapse in San Francisco Superior Court c-mer-litigation
  17. FDIC consent order against Lineage Bank c-rg-fdic-lineage
  18. Asset purchase agreement with TabaPay c-ch-tabapay-apa
  19. Synapse files for Chapter 11 c-ch-petition
  20. Sale hearing: no settlement with Evolve, and the TabaPay sale is halted c-ch-sale-collapse
  21. According to the CFPB, Evolve and then Lineage freeze end-user activity c-ev-freeze
  22. Court orders a Chapter 11 trustee; Jelena McWilliams is appointed c-ch-trustee-order
  23. Federal Reserve cease-and-desist order against Evolve c-rg-fed-evolve
  24. Senators write to Synapse's former chief executive, investors and partners c-sf-senators
  25. DFPI revokes Synapse Credit's California lending licence c-br-credit-revocation
  26. Yotta sues Evolve in federal court c-lt-yotta-federal
  27. FDIC proposes a recordkeeping rule for custodial accounts c-rg-fdic-rule
  28. DFPI accusation against Synapse Brokerage c-br-dfpi-accusation
  29. Evolve begins paying end users after its reconciliation c-sf-evolve-payouts
  30. DFPI revokes Synapse Brokerage's broker-dealer certificate c-br-dfpi-revocation
  31. FINRA expels Synapse Brokerage c-br-expulsion
  32. CFPB files an adversary complaint against Synapse c-rg-cfpb-action
  33. FINRA files a disciplinary complaint against Stanley and Paverman c-br-finra-complaint
  34. Stipulated final judgment in the CFPB case c-rg-cfpb-judgment
  35. Order approving dismissal of the Chapter 11 case c-ch-dismissal
  36. CFPB Civil Penalty Fund allocation for Synapse victims c-sf-cfpb-redress
  37. FINRA accepts Paverman's offer of settlement c-br-paverman-order
  38. Federal court dismisses Yotta's suit against Evolve c-lt-yotta-federal-course c-lt-yotta-federal
  39. Putative RICO class action filed against Synapse parties c-lt-rico
  40. Yotta sues Evolve in California state court c-lt-yotta-state
  41. DFPI consent order with Yotta c-yt-dfpi-order
  42. FINRA accepts Stanley's offer of settlement c-br-stanley-order
  43. Bankruptcy case closed and trustee discharged c-ch-dismissal

Sources 103

  1. src-001 · Court recordCourt record source · src-001 identified by category only · Court record
  2. src-002 · Regulatory recordBrokerCheck report: Synapse Brokerage LLC (CRD 137662) Financial Industry Regulatory Authority (FINRA)

    Firm profile, history, operations and disclosures Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  3. src-003 · Court recordCourt record source · src-003 identified by category only · Court record
  4. src-004 · Regulatory recordEnforcement action page: Synapse Financial Technologies, Inc. Consumer Financial Protection Bureau · 15 Sep 2025

    Action summary Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  5. src-005 · Corporate registryCorporate registry source · src-005 identified by category only · Corporate registry
  6. src-006 · Corporate registryCorporate registry source · src-006 identified by category only · Corporate registry
  7. src-007 · OtherSenators' letter to Sankaet Pathak of June 28, 2024 Office of Senator Tammy Baldwin, U.S. Senate · 28 Jun 2024

    Letter Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  8. src-008 · MediaMedia source · src-008 identified by category only · Media
  9. src-009 · Regulatory recordRegulatory record source · src-009 identified by category only · Regulatory record
  10. src-010 · Regulatory recordBrokerCheck report: Mark Elliot Paverman Financial Industry Regulatory Authority (FINRA)

    Registration and employment history; disclosures Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  11. src-011 · Corporate registryCorporate registry source · src-011 identified by category only · Corporate registry
  12. src-012 · MediaMedia source · src-012 identified by category only · Media
  13. src-013 · Corporate registryCorporate registry source · src-013 identified by category only · Corporate registry
  14. src-014 · Company statementCompany statement source · src-014 identified by category only · Company statement
  15. src-015 · Regulatory recordNotice of intent to refuse to renew small loan license and notice of right to hearing: Synapse Credit LLC Connecticut Department of Banking · 26 Sep 2022

    Notice Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  16. src-016 · OtherSenate Banking Committee majority release on letters to Synapse owners and partners U.S. Senate Committee on Banking, Housing, and Urban Affairs · 1 Jul 2024

    Press release Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  17. src-017 · Court recordCourt record source · src-017 identified by category only · Court record
  18. src-018 · Corporate registryCorporate registry source · src-018 identified by category only · Corporate registry
  19. src-019 · Regulatory recordBrokerCheck report: Jeffrey Alan Stanley Financial Industry Regulatory Authority (FINRA)

    Registration and employment history; disclosures Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  20. src-020 · Regulatory recordCease and desist order issued upon consent: Evolve Bancorp, Inc. and Evolve Bank & Trust Board of Governors of the Federal Reserve System and Arkansas State Bank Department · 11 Jun 2024

    Order, Docket Nos. 24-012-B-HC and 24-012-B-SM Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  21. src-021 · MediaMedia source · src-021 identified by category only · Media
  22. src-022 · Court recordCourt record source · src-022 identified by category only · Court record
  23. src-023 · Court recordCourt record source · src-023 identified by category only · Court record
  24. src-024 · OtherOfficial biography: Jelena McWilliams Federal Deposit Insurance Corporation

    Biography page Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  25. src-025 · MediaMedia source · src-025 identified by category only · Media
  26. src-026 · OtherOther source · src-026 identified by category only · Other
  27. src-027 · MediaMedia source · src-027 identified by category only · Media
  28. src-028 · Company statementRegistration statement on Form N-2 of TriplePoint Venture Growth BDC Corp. (portfolio schedule) U.S. Securities and Exchange Commission (EDGAR) · 5 Mar 2024

    Schedule of investments Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  29. src-029 · MediaMedia source · src-029 identified by category only · Media
  30. src-030 · MediaMedia source · src-030 identified by category only · Media
  31. src-031 · Court recordCourt record source · src-031 identified by category only · Court record
  32. src-032 · Court recordCourt record source · src-032 identified by category only · Court record
  33. src-033 · Court recordCourt record source · src-033 identified by category only · Court record
  34. src-034 · Court recordCourt record source · src-034 identified by category only · Court record
  35. src-035 · Regulatory recordDisciplinary and Other FINRA Actions, October 2025 Financial Industry Regulatory Authority (FINRA) · Oct 2025

    Complaints filed Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  36. src-036 · Company statementCompany statement source · src-036 identified by category only · Company statement
  37. src-037 · Corporate registryCorporate registry source · src-037 identified by category only · Corporate registry
  38. src-038 · Regulatory recordDocument register entry: Synapse Payments LLC, 16-041, Consent Order New Hampshire Banking Department · 19 Jun 2020

    Register entry Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  39. src-039 · Regulatory recordConsent order, In the Matter of Synapse Payments LLC (Case No. 16-041) New Hampshire Banking Department · Jun 2020

    Consent order Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  40. src-040 · Corporate registryEDGAR company search result: Synapse Payments, LLC (CIK 0001638446) U.S. Securities and Exchange Commission (EDGAR)

    Registrant metadata and filing list Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  41. src-041 · Regulatory recordForm D notice of exempt offering: Synapse Payments, LLC U.S. Securities and Exchange Commission (EDGAR) · 1 Apr 2015

    Form D items 1-16 and signature Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  42. src-042 · Court recordCourt record source · src-042 identified by category only · Court record
  43. src-043 · OtherOther source · src-043 identified by category only · Other
  44. src-044 · Company statementCompany statement source · src-044 identified by category only · Company statement
  45. src-045 · OtherOther source · src-045 identified by category only · Other
  46. src-046 · Company statementCompany statement source · src-046 identified by category only · Company statement
  47. src-047 · OtherOther source · src-047 identified by category only · Other
  48. src-048 · Company statementCompany statement source · src-048 identified by category only · Company statement
  49. src-049 · MediaMedia source · src-049 identified by category only · Media
  50. src-050 · Company statementCompany statement source · src-050 identified by category only · Company statement
  51. src-051 · Company statementCompany statement source · src-051 identified by category only · Company statement
  52. src-052 · Company statementCompany statement source · src-052 identified by category only · Company statement
  53. src-053 · Regulatory recordAccusation and notice of intent to revoke the broker-dealer certificate of Synapse Brokerage LLC California Department of Financial Protection and Innovation · 11 Oct 2024

    Accusation Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  54. src-054 · Court recordCourt record source · src-054 identified by category only · Court record
  55. src-055 · Regulatory recordConsent order, In the Matter of Lineage Bank (FDIC-23-0041b) Federal Deposit Insurance Corporation · 30 Jan 2024

    Consent order Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  56. src-056 · MediaMedia source · src-056 identified by category only · Media
  57. src-057 · OtherSpeaker biography: Jelena McWilliams Single Resolution Board (European Union) · 8 Oct 2020

    Biography page Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  58. src-058 · Corporate registryCorporate registry source · src-058 identified by category only · Corporate registry
  59. src-059 · Corporate registryCorporate registry source · src-059 identified by category only · Corporate registry
  60. src-060 · Regulatory recordCivil Penalty Fund allocations Consumer Financial Protection Bureau · 29 May 2026

    Allocation list Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  61. src-061 · Court recordCourt record source · src-061 identified by category only · Court record
  62. src-062 · MediaMedia source · src-062 identified by category only · Media
  63. src-063 · MediaMedia source · src-063 identified by category only · Media
  64. src-064 · Court recordCourt record source · src-064 identified by category only · Court record
  65. src-065 · Court recordCourt record source · src-065 identified by category only · Court record
  66. src-066 · Court recordCourt record source · src-066 identified by category only · Court record
  67. src-067 · MediaMedia source · src-067 identified by category only · Media
  68. src-068 · Court recordCourt record source · src-068 identified by category only · Court record
  69. src-069 · Court recordCourt record source · src-069 identified by category only · Court record
  70. src-070 · Court recordCourt record source · src-070 identified by category only · Court record
  71. src-071 · Company statementCompany statement source · src-071 identified by category only · Company statement
  72. src-072 · Court recordCourt record source · src-072 identified by category only · Court record
  73. src-073 · Court recordComplaint, CFPB v. Synapse Financial Technologies, Inc. (Adv. No. 1:25-ap-01052-MB) Consumer Financial Protection Bureau · 21 Aug 2025

    Adversary complaint Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  74. src-074 · Regulatory recordForm D notice of exempt offering: Core Innovation Capital III, L.P. U.S. Securities and Exchange Commission (EDGAR) · 5 Apr 2019

    Related persons Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  75. src-075 · OtherOther source · src-075 identified by category only · Other
  76. src-076 · MediaMedia source · src-076 identified by category only · Media
  77. src-077 · OtherSenators' letter to W. Scott Stafford, Evolve Bank & Trust, of June 28, 2024 U.S. Senate Committee on Banking, Housing, and Urban Affairs · 28 Jun 2024

    Letter Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  78. src-078 · OtherOther source · src-078 identified by category only · Other
  79. src-079 · Regulatory recordDFPI press release on the $1 million settlement with Yotta Technologies California Department of Financial Protection and Innovation · May 2026

    Press release Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  80. src-080 · Regulatory recordOrder revoking Synapse Credit LLC's California Financing Law license California Department of Financial Protection and Innovation · 10 Jul 2024

    Order Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  81. src-081 · Regulatory recordOrder revoking Synapse Brokerage LLC's broker-dealer certificate California Department of Financial Protection and Innovation · 22 Jan 2025

    Order Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  82. src-082 · Regulatory recordConsent order, The Commissioner of Financial Protection and Innovation v. Yotta Technologies, Inc. California Department of Financial Protection and Innovation · 15 May 2026

    Consent order Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  83. src-083 · MediaMedia source · src-083 identified by category only · Media
  84. src-084 · MediaMedia source · src-084 identified by category only · Media
  85. src-085 · MediaMedia source · src-085 identified by category only · Media
  86. src-086 · Corporate registryInstitution profile: Evolve Bancorp, Inc (RSSD 1142411) FFIEC National Information Center (Federal Reserve)

    Institution details Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  87. src-087 · MediaMedia source · src-087 identified by category only · Media
  88. src-088 · Regulatory recordFR Y-9SP parent-only report of Evolve Bancorp, Inc. for December 31, 2025 FFIEC National Information Center (Federal Reserve) · 13 Feb 2026

    Schedule items (CSV) Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  89. src-089 · Corporate registryInstitution profile: Evolve Bank & Trust (RSSD 592448) FFIEC National Information Center (Federal Reserve)

    Institution details Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  90. src-090 · Corporate registryFlorida corporation record: Foundation Future Industries, Inc. (F25000002389) Florida Department of State, Division of Corporations · 1 May 2026

    Filing information, officers and annual reports Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  91. src-091 · Corporate registryCorporate registry source · src-091 identified by category only · Corporate registry
  92. src-092 · Regulatory recordSettlement agreement between the Commissioner and Mercury Technologies, Inc. California Department of Financial Protection and Innovation · 3 Jan 2022

    Settlement agreement Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  93. src-093 · MediaMedia source · src-093 identified by category only · Media
  94. src-094 · MediaMedia source · src-094 identified by category only · Media
  95. src-095 · Regulatory recordFR Y-9SP parent-only report of Evolve Bancorp, Inc. for December 31, 2024 FFIEC National Information Center (Federal Reserve) · 12 Feb 2025

    Schedule items (CSV) Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  96. src-096 · Company statementCompany statement source · src-096 identified by category only · Company statement
  97. src-097 · MediaMedia source · src-097 identified by category only · Media
  98. src-098 · Company statementDave Inc. annual report on Form 10-K for 2024 U.S. Securities and Exchange Commission (EDGAR) · Mar 2025

    Risk factors Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  99. src-099 · Company statementMaster services agreement between Synapse and a platform client, Exhibit 99.1 to a Form 8-K (2018) U.S. Securities and Exchange Commission (EDGAR) · 23 Oct 2018

    Exhibit 99.1, bank services and signature page Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  100. src-100 · Company statementFold Holdings, Inc. annual report on Form 10-K for 2025 U.S. Securities and Exchange Commission (EDGAR) · 2026

    Risk factors Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  101. src-101 · Court recordStipulated final judgment and order, CFPB v. Synapse Financial Technologies, Inc. Consumer Financial Protection Bureau · 12 Sep 2025

    Stipulated final judgment Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

  102. src-102 · MediaMedia source · src-102 identified by category only · Media
  103. src-103 · Regulatory recordDisciplinary and Other FINRA Actions, March 2026 Financial Industry Regulatory Authority (FINRA) · Mar 2026

    Individuals barred or suspended Retained copy of the document in the frozen case database, read in the passages cited by the claims. Accessed 15 October 2026.

cite this dossier

DossierTwist, “Synapse Financial Technologies: the collapse of a banking-as-a-service provider”, dt.022, 17 October 2026, https://dossiertwist.com/dossiers/synapse-financial-technologies/

Free to read, cite and republish with credit under CC BY 4.0: credit “DossierTwist” and link to the dossier.

Data: JSON, CSV and the network graph.

share

We listen to all sides: responses are shown next to the claims they answer. To send a correction or a reply, write to dossiertwist@proton.me.