Synapse AI Solutions

A technology company providing AI, data engineering, analytics, and software development solutions.

CCI Score

-41.79

0.03% April 18

Latest Event

Senators Demand Accountability for Synapse Funds Shortfall

On July 2, 2024, Democratic senators called on Synapse AI Solutions’ former CEO, investors, banks, and fintech partners to address a $65–96 million shortfall that left customers unable to access their funds, highlighting concerns over the company’s business practices and accountability in safeguarding consumer assets.

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TOADIE

Synapse AI Solutions is currently rated as a Toadie.

-30 to -44 CCI Score

Companies scoring in this range actively seek to please authoritarian regimes. They offer proactive support and assistance in exchange for preferential treatment, compromising ethical standards for business gains and political favor.

Latest Events

JUL

02

2024

Senators Demand Accountability for Synapse Funds Shortfall
-36.10

On July 2, 2024, Democratic senators called on Synapse AI Solutions’ former CEO, investors, banks, and fintech partners to address a $65–96 million shortfall that left customers unable to access their funds, highlighting concerns over the company’s business practices and accountability in safeguarding consumer assets.
-30

Public and Political Behavior

April 11

The political pressure from Democratic senators reflects a broader public demand for accountability in corporate governance. Although the action is external, it signals that the company and its backers are under scrutiny for not protecting consumer funds, which carries negative implications in public and political behavior.

Senators call on Synapse backers to address shortfall - Axios
-50

Business Practices and Ethical Responsibility

April 11

The significant shortfall affecting customer funds points to serious lapses in business practices and ethical responsibility. The failure to secure consumer assets not only undermines trust but disproportionately affects vulnerable consumers, warranting a negative rating in this category.

Senators call on Synapse backers to address shortfall - Axios
MAY

11

2024

Abrupt Shutdown of Critical Systems Leaves Millions Stranded
-47.47

Synapse, a fintech startup providing banking-as-a-service, abruptly shut down its essential technology system on May 11, 2024, following a bankruptcy declaration. This action cut off access to customer funds for approximately 10 million end users, severely disrupting services and highlighting systemic vulnerabilities in the BAAS model.
-70

Business Practices and Ethical Responsibility

April 11

The company’s abrupt shutdown of a critical system without prior notice or adequate transition measures disrupted financial transactions for millions. This demonstrates a severe lapse in their business practices and ethical responsibility, undermining consumer trust and financial stability.

The collapse of a fintech firm with 10 million users has ... - NBC News
-60

Technology and Services Impact

April 11

By cutting off access to its core technology system that enabled banks and fintechs to process transactions, the company not only disrupted financial services but also exposed the risks associated with over-reliance on a single technological platform without proper safeguards.

The collapse of a fintech firm with 10 million users has ... - NBC News
-20

Economic and Structural Influence

April 11

The incident underscores structural weaknesses in the fintech ecosystem and the broader BAAS model. The failure to maintain essential operational continuity contributed to economic instability, leaving customers vulnerable and highlighting gaps in regulatory oversight.

The collapse of a fintech firm with 10 million users has ... - NBC News