Fintech
Synapse Data Dispute Deepens Fintech App Users’ Money Crisis
A new dispute among fintech intermediaries Financial advisory firm Synapse Financial Technologies Inc. and its database provider is threatening attempts by independent advisers to return money to millions of clients who have been cut off from their money for weeks.
Former Federal Deposit Insurance Corporation Chairwoman Jelena McWilliams, who has been called upon to break up Synapse after the company filed for bankruptcy, said Wednesday during a bankruptcy hearing that the database provider MongoDB Inc. indicated it may soon clear a cache of Synapse data. The information is needed to accurately distribute more than $100 million to affected customers and determine the source of an estimated $65 million to $96 million deficit, McWilliams said.