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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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