The acquisition of assets represents a strategic expansion of products and services to fuel customer innovation, while providing business continuity for existing Synapse clients and banks
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–TabaPay, Inc., the leading instant money movement platform for the fintech industry, today announced it has entered into an agreement to acquire the assets and affiliates of Synapse Financial Technologies, Inc. The agreement follows the filing by Synapse of a voluntary bankruptcy petition under Chapter 11.
With the addition of the Synapse assets, TabaPay will offer an unprecedented array of financial services for fintech firms and financial institutions, pending approval by the bankruptcy court. Prior to the acquisition, the two businesses provided complementary financial technology services, with both companies ranking on Deloitte’s 2023 Fast 500 with Synapse posting 650%+ growth over a five-year period.
“The addition of the Synapse features is an acceleration of our TabaPay story, one dedicated to delivering great solutions that help our clients rapidly innovate, save money, and offer great financial products to their customers,” said Rodney Robinson, the Co-founder and CEO of TabaPay. “The Synapse assets are a great and natural fit to our existing services to grow our offerings in tandem with providing continuity to Synapse clients and banks.”
As the asset acquisition is approved by the bankruptcy court, TabaPay will announce additional solutions that leverage the Synapse assets.
About TabaPay
TabaPay is a leading money movement platform for scalable, resilient, and cost-efficient instant payment solutions. TabaPay processes over one million transactions daily on behalf of more than 2,500 clients in the U.S. and Canada, and provides merchant acquiring, instant payments, and services across the payments ecosystem. Through its unified API, customers gain direct access to 15 banking partners, 16 network connections, and full-stack payment processing, which enable flexibility while eliminating redundant processes. The company is majority employee owned with investments from Aligned Partners and Softbank. Recent industry recognition includes Forbes 2024 Fintech 50, Deloitte Fast 500, Inc. 5000, and TearSheet. For more information, visit TabaPay.com and follow us on LinkedIn.
Contacts
TabaPay Contact
Lindsay Davis
Head of Marketing & Strategy
lindsay.davis@tabapay.com
954-529-3995