Fintech Startup Synapse Lays Off 40% Of Workforce After Losing Mercury As A Client

Banking-as-a-service platform Synapse laid off 40% of its workforce, or 86 employees, on Monday, October 2.

Synapse’s platform helps other startups offer deposit, payment and credit products by acting as a middleman between its clients and their banking partners. The layoffs followed a note from CEO Sankaet Pathak on Friday, September 29, informing employees that one of the company’s largest customers, business banking platform Mercury, would not be renewing their contract and is instead working directly with its banking partner Evolve Bank and Trust.