SAN FRANCISCO–(BUSINESS THREAD)–Synapse Financial Technologies Inc., a banking-as-a-service (BaaS) platform that increases access to best-in-class financial products, and Lineage Bank, a growing traditional community bank based in Franklin, Tenn., today announced a partnership to enable fintech companies and other non-bank entities to build and deliver innovative financial applications and services.
“We are excited to welcome Lineage Bank as part of our multi-bank strategy, which enables us to serve fintech clients in faster, more flexible and more comprehensive ways,” said Sankaet Pathak, CEO and co-founder of Synapse . “Lineage is an agile and fast bank that recognizes the power of the BaaS space to serve more customers. This partnership will help both companies deliver on our promise to rapidly deliver best-in-class solutions to all types of innovators fintech”.
Synapse’s multi-bank strategy uniquely positions the company to make it faster and easier for fintech companies to launch and scale a wide range of financial services and products by leveraging multiple bank partners simultaneously. Through Synapse’s banking relationships, as well as the regulated position of its affiliates, it can extend the most flexible and advantageous terms and features and offer its customers a path to market that can be better, faster and with a risk of reduced partner, driving an efficient and frictionless onboarding experience.
“Lineage is committed to staying at the forefront of banking technology to better serve our local customers and reach new ones,” said Kevin Herrington, CEO of Lineage Bank. “This new partnership represents an extension to our BaaS technology partners, further increasing our reach to a digital audience of consumers and businesses through neobanks. It also aligns perfectly with our growth strategy, providing new opportunities through banking solutions integrated and digital”.
Lineage Bank will serve as a sponsor bank for Synapse and its affiliates, providing core banking services such as FDIC deposit insurance, payment processing and card issuance.
By working together, Synapse and Lineage Bank will be able to help fintech providers get up and running quickly in a secure and regulated environment that meets the needs of everyday consumers who need access to all types of financial services.
Synapse was founded in 2014 with a mission to ensure that everyone around the world has access to best-in-class financial products, regardless of their net worth. Synapse’s banking-as-a-service platform offers payment, card issuance, deposits, lending, fulfillment, credit and investment products as APIs to more than 15 million end users. It has an annualized transaction volume of $67 billion and $11 billion of assets under management on its platform. With white-label APIs for developers and bank-facing APIs for institutions to automate their back-end operations, Synapse customers can quickly build, launch and scale innovative financial products and services. The company has more than $50 million in funding from leading venture firms including Andreessen Horowitz, 500 Startups and Trinity Ventures. Global cash management services are provided by Synapse Brokerage LLC, a registered broker-dealer and member of FINRA and SIPC. Synapse is not a bank. Banking and card services are provided by member banks of Synapse Financial Technologies Inc., FDIC. For more information, visit synapsefi.com.
About Lineage Bank
Lineage Bank is a traditional developing community bank located in Franklin, Tennessee and is an FDIC member and peer home lender. The bank’s goal is to serve the everyday banking needs of customers in Middle Tennessee and beyond through BaaS digital solutions. Lineage Bank is part of the Lineage Financial Network, a bank holding company that equips community banks with the technology and local customer focus to create a unique banking experience. Lineage Financial Network is based in Franklin, Tennessee and was founded in 2020.