Real-time payments firm TabaPay has withdrawn from its plan to acquire troubled banking-as-a-service startup Synapse due to infighting among fintech players, specifically banking partner Evolve Bank & Trust and Mercury, the digital bank for startups. The outstanding issue (allegedly) is that Evolve Bank hasn’t fully funded Synapse’s FBO accounts being held there. Synapse ran into difficulties last year, when, after serving as an intermediary between Evolve and Mercury, Evolve and Mercury decided to end their respective relationships with Synapse and work directly with each other.
Infighting Among Fintech Players has Caused TabaPay to ‘Pull out’ from buying Bankrupt Synapse
