Senators urge Synapse's owners, partners, and VC backers to restore customers' access to their money [TechCrunch]
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Source: TechCrunch
money .” As part of their demands, the senators implicated both the partners and investors of the company as being responsible for missing customer funds. In a letter shared publicly on Monday, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, along with Senators Ron Wyden (D-OR), Tammy Baldwin (D-WI), and John Fetterman (D-PA) pointed out that customers of companies that partnered with banking-as-a-service startup Synapse have not been able to access their money since mid-May. The letter was addressed to W. Scott Stafford, president and CEO of Evolve Bank & Trust, but was also sent to major investors in Synapse, as well as to the company's principal bank and fintech partners. Recipients include former Synapse CEO Sankaet Pathak; venture firms Andreessen Horowitz, Core Innovation Capital, and Trinity Ventures; American Bank; AMG National Trust; Trust and Lineage Bank; and fintech companies Copper, Juno, Mercury, Yieldstreet
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