Banking-as-a-Service (BaaS) platform that enhances access to financial products, Synapse Financial Technologies, has partnered with the traditional community bank, Lineage Bank to develop and deliver innovative financial apps and services to fin-tech companies and other non-banks.
“We are thrilled to welcome Lineage Bank as part of our multi-bank strategy, enabling us to serve fintech customers in faster, highly flexible, and more comprehensive ways. Lineage is a nimble, fast-moving bank that recognizes the power of the BaaS space to serve more customers. This partnership will help both companies deliver on our promise to quickly provide best-in-class solutions to all kinds of fintech innovators,” stated Sankaet Pathak, CEO, and co-founder of Synapse.
Fintech companies can leverage multiple bank partners to launch and scale a wide variety of financial services and products simple and quick using Synapse’s unique multi-bank strategy. By delivering an efficient and seamless onboarding process, Synapse can offer the most flexible and beneficial terms and features and provide a way to market for its clients that is better, faster, and with decreased partner risk through its bank connections and the regulated position of its affiliates.
Kevin Herrington, CEO of Lineage Bank said, “Lineage is committed to staying on the leading edge of banking technology to better serve our local customers and reach new ones. This new partnership represents an extension to our BaaS technology partners, further increasing our reach into a digital-first audience of consumers and businesses via neobanks. It also aligns perfectly with our growth strategy by providing new opportunities through embedded, digital-first banking solutions.”
Synapse and its affiliates will have Lineage Bank as a sponsor bank, offering essential banking services such as FDIC deposit insurance, payment processing, and card issuance. The partnership enables Synapse and Lineage to help FinTech companies quickly establish themselves in a secure, regulated setting that meets the demands of regular customers who want access to a variety of financial services.