The fintech soap opera which is the SAGA synapse has taken Another tower yesterday.
We learned less than three weeks ago that Tabapay was acquisition Synapse out of bankruptcy. Now this agreement seems to have collapsed while disagreements between Synapse, Evolve Bank and Trust and Mercury remain unresolved.
Jason Mikula of Fintech Business Weekly continues to announce the news on this almost two year old saga, as he did again yesterday.
It is difficult to summarize in one or two sentences, given the complex machinations, but it is enough to say that there is a dispute on the financing of the FBO accounts. Given all uncertainty, Tabapay has chosen to withdraw from the agreement.
It seems that Synapse is now out of options, and we can see a chapter 7 depositing soon. There is a hearing of the follow -up court on Monday.
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