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Total amount raised
$50.7 Million
Latest funding date
6/1/2019
Location
Synapse has successfully raised funding through multiple rounds, with notable investors including 500 Global and Trinity Ventures. The platform enables companies to offer financial products to their customers.
What Is Synapse?
Founded in 2014, Synapse is a San Francisco-based banking platform that enables companies to offer financial products to their customers. The company provides APIs for payment, deposit, lending, and investment products.
Synapse was founded by Akl Fahed, Bryan Keltner, and Sankaet Pathak. The platform aims to make financial services more accessible and affordable.
With a team of 101-250 employees, Synapse continues to innovate in the financial technology space, offering a range of solutions to meet the needs of modern businesses.
How Much Funding Has Synapse Raised?
- Seed Round
- Amount Raised: $700K
- Date: March 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and bring the product to market.
- Series A
- Amount Raised: $17M
- Date: September 2018
- Lead Investors: Core Innovation Capital, Trinity Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and start democratizing financial services.
- Series B
- Amount Raised: $33M
- Date: June 2019
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and international expansion.
Total Amount Raised: $50.7M. Current Valuation: Not publicly disclosed.
Key Investors
- Andreessen Horowitz
- Details: A prominent venture capital firm based in Silicon Valley, known for investing in early-stage and growth-stage technology companies.
- Investment Focus Areas: Fintech, enterprise software, consumer tech, bio + healthcare, crypto.
- Notable Investments: Facebook, Airbnb, Lyft.
- Core Innovation Capital
- Details: A venture capital firm that invests in companies democratizing prosperity, based in Los Angeles, California.
- Investment Focus Areas: Financial technology, lending, payments, personal finance.
- Notable Investments: NerdWallet, Oportun, Ripple.
- Trinity Ventures
- Details: A venture capital firm that partners with early-stage founders to build enduring companies, based in Menlo Park, California.
- Investment Focus Areas: Consumer technology, enterprise technology, fintech, SaaS, digital health.
- Notable Investments: Starbucks, New Relic, Docker.
What's Next for Synapse?
Synapse is poised for significant growth as it expands internationally, targeting markets in Canada, Europe, Asia, Latin America, and Africa. The company aims to enhance its platform with new financial products and services, such as direct processor integrations with Mastercard and Visa, and a brokerage accounts product. These opportunities could substantially increase Synapse's user base and transaction volume.
Future fundraising efforts will likely focus on supporting this ambitious expansion and continuous product development. The company may also explore strategic acquisitions to bolster its technology stack and market reach. However, Synapse will need to navigate complex regulatory environments and manage competition from established financial institutions and other fintech startups.
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