10 million consumers affected by Synapse BaaS fintech bankruptcy, impacting industry and startups.

10 million consumers could be affected by the collapse of a16z-backed Synapse, a BaaS (Banking-as-a-Service) fintech, which has caused a ripple effect across the industry. The bankruptcy of Synapse, a key player in the sector, has hurt other startups and affected consumers nationwide. With tightening VC funding, the fintech sector is in a downward spiral, particularly in the BaaS area.