SoftBank-backed TabaPay is buying the assets of a16z-backed Synapse, after it filed for bankruptcy [TechCrunch]
SOFTBANK GRP UNSP/ADR (SFTBY)
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Source: TechCrunch
The deal is pending bankruptcy court approval. Founded in 2017, Mountain View-based TabaPay is an instant money movement platform that Softbank backed in a 2022 round of an undisclosed sum. It is not clear how much venture capital it has raised. San Francisco-based Synapse which operated a platform enabling banks and fintech companies to develop financial services, was founded in 2014 by Bryan Keltner and India-born CEO Sankaet Pathak. In 2019, TechCrunch reported on the company's $33 million Series B raise led by Andreessen Horowitz after rebranding from SynapseFi. That was the company's last known fundraise. In total, it brought in just over $50 million in venture capital. Other backers include Trinity Ventures and Core Innovation Capital. In announcing the acquisition, TabaPay pointed out that Synapse made Deloitte's 2023 Fast, posting 650%+ growth over a five-year period. However, it had two large-scale layoffs in the past year, blaming slowing growth. Last October, Syn
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