Fintech
Fintech Nexus Newsletter (May 10, 2024): TabaPay pulled out of Synapse acquisition
The fintech soap opera of the Synapse saga has taken hold another round Yesterday.
We learned less than three weeks ago that TabaPay was acquiring Synapses to get out of bankruptcy. Now, the deal appears to have fallen apart as disagreements between Synapse, Evolve Bank and Trust and Mercury remain unresolved.
Fintech Business Weekly’s Jason Mikula continues to break the news on this nearly two-year saga, as he has done once again Yesterday.
It’s hard to summarize it in a sentence or two, given the complex machinations, but suffice it to say that there is a dispute over the financing of FBO accounts. Given all the uncertainty, TabaPay decided to withdraw from the deal.
It appears that Synapse is now sold out and we may see a Chapter 7 filing soon. The next court hearing will be on Monday.
In the foreground
> Infighting among fintech operators led TabaPay to ‘back out’ of buying bankrupt Synapse
By Mary Ann Azevedo
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Peter Renton is president and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and is the author and creator of the Individual fintech podcastthe first and longest running fintech interview series.