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Fintech Nexus E-newsletter (Could 10, 2024): TabaPay has pulled out from Synapse acquisition

The fintech cleaning soap opera that’s the Synapse saga took one other flip yesterday.

We discovered lower than three weeks in the past that TabaPay was buying Synapse out of chapter. Now, that deal seems to have fallen aside as disagreements between Synapse, Evolve Financial institution and Belief and Mercury stay unresolved.

Jason Mikula of Fintech Enterprise Weekly continues to interrupt the information on this nearly two-year-long saga, as he did once more yesterday

It’s tough to summarize in a sentence or two, given the complicated machinations, however suffice it to say there’s a dispute over the funding of FBO accounts. Given all of the uncertainty, TabaPay has elected to tug out of the deal.

Plainly Synapse is now out of choices, and we may even see a Chapter 7 submitting from them quickly. There’s a follow-up courtroom listening to on Monday.

> Infighting amongst fintech gamers has precipitated TabaPay to ‘pull out’ from shopping for bankrupt Synapse

By Mary Ann Azevedo

TabaPay’s plans to buy the belongings of troubled banking-as-a-service startup Synapse have fallen by way of.

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  • Peter RentonPeter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media firm targeted on fintech. Peter has been writing about fintech since 2010 and he’s the writer and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview sequence.

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