Millions of fintech app users have lost access to their cash. In this episode, we explain why this happened and show you how to protect yourself when placing cash with traditional banks, neobanks, and fintech platforms.
Topics covered include:
The mass chaos in the fintech space spawned by the bankruptcy of Synapse Financial TechnologiesWhat are FBO accounts, and why they are so troublesomeWhat is the difference between a traditional bank, a neo bank, and a non-bankWhat to look for and protect yourself when investing your cash savings
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Show Notes
CHAPTER 11 TRUSTEE’S INITIAL STATUS REPORT BY UNITED STATES BANKRUPTCY COURT CENTRAL DISTRICT OF CALIFORNIA SAN FERNANDO VALLEY DIVISION—CourtListener
Fintech platform Synapse raises $33M to build ‘the AWS of banking’ by TechCrunch—Synapse
X Post by Jason Mikula—X
"Full Reconciliation... May Not Be Possible," Synapse Trustee Says by Jason Mikula—Fintech Business Weekly
Mercury Seeking $30M From Synapse, Emergency Court Filing Reveals by Jason Mikula—Fintech Business Weekly
Infighting among fintech players has caused TabaPay to ‘pull out’ from buying bankrupt Synapse by Mary Ann Azevedo—TechCrunch
Fintech startup Copper forced to discontinue banking services amid Synapse fiasco by Taylor Soper—GeekWire
a16z-backed Tellus wants to offer consumers a much better savings rate. Here’s how. by Mary Ann Azevedo—TechCrunch
FDIC Demands Three Companies Cease Making False or Misleading Representations about Deposit Insurance—FDIC
Related Episodes
440: Beware of Platform Risk
424: Are More Bank Runs Coming? The Collapse of Silicon Valley Bank
412: Where to Invest Your Cash Savings for Higher Yields
304: A 15% Guaranteed Return? Lending on the Fringes of Finance
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