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SUBJECT:
Taxpayers lost $50 million+ savings in Synapse Financial Tech collapse
BODY:
The collapse of Synapse Financial Technologies Inc., a banking-as-a-service platform(1), left thousands of digital banking customers without access to their funds(2), totaling $265 million(3). Synapse partnered with FDIC-insured banks and roughly 100 fintech companies including Yotta, Juno, Dave, Relay and others, offering high-yield savings accounts and other services to hundreds of thousands of depositors.