WASHINGTON, D.C. – The Financial Technology Association (FTA) today announced that banking-as-a-service (BaaS) leader Synapse has joined the association as its newest member. Synapse empowers companies with the technology to launch easy–to–use, secure financial products so their customers can bank, spend, save, and invest with confidence.
“Synapse creates the digital infrastructure that powers valued financial tools for millions of consumers and businesses around the world,” said Penny Lee, President and Chief Executive Officer of the Financial Technology Association. “Innovators like Synapse help expand access to financial services so everyone, regardless of their net worth, can safely and easily manage their financial futures.”
“We are excited to join the Financial Technology Association and partner with like-minded companies shaping the future of finance,” said Sankaet Pathak, Co-Founder and CEO of Synapse. “Our platform helps banks of all sizes reach new customers while powering fintechs to offer their end users the tools they need to lead their best financial lives.”
Synapse is the first BaaS leader to join the Financial Technology Association. BaaS companies connect services from multiple bank partners through simple APIs so companies can offer integrated, compliant, and seamless financial services like payments, card issuance, deposit, lending, credit, investment, and crypto products. BaaS providers help businesses reach new customers with personalized services and serve as trusted, regulated partners for banks looking to enter the fintech space. In 2022, Synapse reached 18 million end users and processed $76 billion in annualized transaction volume. In addition, Synapse was ranked #92 in Financial Services on the 2022 Inc. 5000 Fastest Growing Companies list and recognized as the Future Digital Awards, 2022 Banking-as-a-Service Innovation Platinum Winner.
FTA represents digitally-native financial services leaders providing credit, payments, data aggregation, digital investment advisory, and other financial products to consumers and businesses. As people increasingly access financial services through digital tools, FTA advocates for modernized financial policies and regulations that meet the needs of today’s consumers and businesses and protect their users.
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The Financial Technology Association (FTA) is a DC-based trade association representing industry leaders shaping the future of finance. Learn more about our mission and membership at FTAssociation.org.