Synapse Financial Technologies Asset Sale Announcement
B. Riley Advisory Services is in the process of inviting bids for the assets of Synapse Financial Technologies, Inc., in response to a court order from the United States Bankruptcy Court. This initiative is part of Chapter 11 proceedings aimed at enabling a smooth transition and finding potential buyers for the company's key assets.
Important Dates for Bidding Process
For those interested in participating, the deadline for submitting initial indications of interest is set for a specified date. Following this, initial bids must be submitted by a later date.
Overview of Synapse Financial Technologies
The Synapse Financial Technologies platform specializes in providing Banking as a Service (BaaS) solutions tailored for fintech customers. Currently, their platform supports around 120 fintech clients, showcasing impressive engagement with approximately 3 million active users and facilitating an exceptional volume of money movement and card-based transactions annually.
Key Metrics
According to their latest reports, the platform boasts around $60 billion in annualized money movements, alongside a card-based spending figure of approximately $3 billion, indicating significant operational breadth and user trust. The robust infrastructure of Synapse is powered by modern technologies, including MongoDB Atlas and Amazon Web Services (AWS).
Assets Available for Purchase
The Chapter 11 Trustee is offering a range of valuable assets during the sale process, which include:
- The core Synapse Financial Technologies platform, encompassing both BaaS capabilities and intellectual property (IP).
- Equity interests within subsidiary companies, namely Synapse Credit, LLC, and Synapse Brokerage, LLC.
- Additional assets that may be determined by the Chapter 11 Trustee as part of the sale process.
Inquiries and Non-Disclosure Agreement (NDA)
For interested parties wanting to delve deeper into this opportunity and to obtain a Non-Disclosure Agreement (NDA), they are encouraged to reach out to designated contacts within B. Riley Advisory Services.
Contact details include:
Seth R. Freeman, Managing Director; Tel +1-925-899-1550
Jonathan Wernick, Managing Director; Tel +1 310-909-6121
Frequently Asked Questions
What is the purpose of the asset sale for Synapse Financial?
The asset sale aims to restructure financial obligations under Chapter 11 and find new buyers for its key assets.
Who can participate in the bidding process?
Companies and individuals interested in investing in fintech solutions can submit bids.
What types of assets are being sold?
The sale includes the core technology platform, subsidiary equity interests, and other assets determined by the Trustee.
How can potential bidders get more information?
Interested bidders can contact B. Riley Advisory Services directly to request information and acquire an NDA.
What technologies does the Synapse platform utilize?
The Synapse platform operates on MongoDB Atlas and AWS, showcasing a sophisticated tech stack for its services.
