Reposted by Allie Garfinkle
Almost a year ago, the a16z-backed fintech Synapse collapsed, trapping $200 million in customer assets and revealing the wobbly, unregulated infrastructure underlying much of our new financial system.
My investigation w/ @agarfinks.bsky.social on what went wrong:
fortune.com/2025/03/07/s...
fortune.com
The spectacular Synapse collapse: Inside the ugliest divorce in fintech, which left $200 million in customer money frozen
Is the failure of this buzzy startup a canary in the coal mine for bigger problems in fintech?