Fintech

Fintech Startup CEOs on How They Grew Their Companies Amid a Downturn

Sankaet Pathak, Synapse CEO

Sankaet Pathak Synapse

Sankaet Pathak, CEO, Synapse

Synapse


Synapse, which builds the infrastructure that fintechs can begin building products on, has seen a boom in customers, but not the kind it expected. 

“After Covid hit, the switch flipped for large companies who 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 early-stage companies, and 40% are now late-stage or growth-stage enterprises 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 this is where the many product offerings of Synapse made the best sense. 

With a growing customer base, Pathak said the company wanted to offer new services so more types of financial products can be built on its platform. Argyle, which already offers the infrastructure for credit, deposit, and crypto products, launched a global cash product in May 2022. It is currently live in 35 countries, including Brazil, Mexico and Argentina. 

Pathak said Synapse saw large demand from business banking clients in those countries, especially from fintechs that want to facilitate US dollar payments to people – mainly freelancers and remote workers – in different countries.

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