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Inside the Collapse of Synapse: Missing Funds Were Known to Investors, Banks for Years

Millions of consumers who kept their savings with digital banking startups such as Yotta or Juno have lost access to their money as a result of this month’s collapse of a little-known fintech called Synapse Financial Technologies. Synapse, which supplies some of the basic plumbing that allows startups to offer banking services, filed for bankruptcy protection in early May amid accusations from numerous onetime fintech clients and banks that tens of millions of dollars are unaccounted for.As Syna...

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