Money moving platform TabaPay is to acquire the rival assets of bankrupt Banking-as-a-Service platform Synapse.
Synapse laid off 40% of its workforce in October after losing a major client. This followed an earlier round of layoffs that impact 18% of its staffing roster in response to changing "macro-economic conditions".
TabaPay currently traverses the same ground occupied by Synapse. The firm processes over one million transactions daily on behalf of more than 2,500 clients in the US 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.
Rodney Robinson, co-founder and CEO of TabaPay, says: “The addition of the Synapse features is an acceleration of our TabaPay story. 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.”
The deal is awaiting approval by the bankruptcy copurt.