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Series B

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Sankaet Pathak
June 7, 2019

As some of you know, we raised our Series B earlier this year. The round was led by a16z, with participation from our existing investors Trinity and Core along with few of our friends from the industry including 9Yards Capital. The round was a little over $33M.

If you wish to learn about us and our mission, I would recommend reading our Series A blog post. But in a nutshell:

Our Mission

Ensure that everyone around the world has access to best-in-class financial products. Regardless of their net worth.

Our Super Secret Strategy

Reduce barrier to entry for developers to build and scale financial products. The idea being, if we can make it easier for everyone to build and scale financial products, more developers will build them, more use cases will be serviced, so more people will have access to best-in-class financial products¹ ².

And we want to do this not just in the US, but across the planet.

Our Scale

Synapse now has close to 3M end users, with 10K new user signups and 5M API requests each day. We have processed over $2B in ACH and $40M in card transactions so far this year.

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Financial services is a hard business to be in. It gets even more difficult when a company is being built the way Synapse is. We are working as hard as we can to deliver a full stack financial infrastructure product to every developer, big or small.

This has never been done before. It’s extremely hard to deploy new products, while scaling the existing ones and building an organization. Mostly all start up wisdom is against it. Having said that, this is the only way we can think we can realize our mission.

I want to congratulate the Synapse team on our Series B. I also want to thank the Synapse board for all their support. It’s because of them that Synapse continues to grow, take on ambitious challenges and deliver on them.

Finally, I also want to thank our customers. We exist because of you and I want to thank you for believing in the mission and using our products.

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[1] If you are curious about our execution so far, I would recommend the following posts:

Product Roadmap for 2018

Product Roadmap for 2019

[2] Some of our back-office automation tools that reduces costs and reduces barrier to entry in the financial market

Improving Financial Access with AI

Video Auth

Remote Deposit Capture (RDC)

KYC 2.0

Sankaet Pathak

Founder & CEO @ Synapse

©Synapse Financial Technologies Inc. 2019