Sankaet Pathak, CEO of Synapse
Synapse, which builds the infrastructure on which fintechs can start building products, has seen a boom in customer numbers, but not the one it expected.
“After Covid, the shift reversed for large companies that previously said they wanted to build everything themselves,” said Synapse CEO Sankaet Pathak. “So now Synapse is at a place where about 60% of our customer base are start-ups, and 40% are now late-stage or growth-stage companies or companies that are on their second or third product. “
He added that later-stage fintech companies saw how much money they could save by not trying to build the infrastructure themselves, and that’s where Synapse’s many product offerings had the best. meaning.
With a growing customer base, Pathak said the company wants to offer new services so that more types of financial products can be created on its platform. Argyle, which already offers the infrastructure for credit, deposit and crypto products, launched a global currency product in May 2022. It is currently available in 35 countries, including Brazil, Mexico and Argentina.
Pathak said Synapse has seen strong demand from merchant banking customers in these countries, especially fintechs who want to facilitate US dollar payments to people – mostly freelancers and remote workers – in different country.