Fintech Nexus Newsletter (May 10, 2024): TabaPay has pulled out from Synapse acquisition
The fintech soap opera that is the Synapse saga took another turn yesterday.
We learned less than three weeks ago that TabaPay was acquiring Synapse out of bankruptcy. Now, that deal appears to have fallen apart as disagreements between Synapse, Evolve Bank and Trust and Mercury remain unresolved.
Jason Mikula of Fintech Business Weekly continues to break the news on this almost two-year-long saga, as he did again yesterday.
It is difficult to summarize in a sentence or two, given the complex machinations, but suffice it to say there is a dispute over the funding of FBO accounts. Given all the uncertainty, TabaPay has elected to pull out of the deal.
It seems that Synapse is now out of options, and we may see a Chapter 7 filing from them soon. There is a follow-up court hearing on Monday.
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