FT Partners interviewed Synapse for their Buy Now Pay Later Industry Report, July 2021.
After sharing his personal story about founding Synapse and his vision for the company, CEO Sankaet Pathak, provided an overview of our three core products: Deposit Hub, Credit Hub, and Crypto Hub.
Focusing on Credit Hub, Sankaet explained that “Credit Hub gives any company the ability to build white-labeled credit products including card issuance, credit-building tools, lending accounts, and cashback rewards, in as little as six weeks.”
FT Partners inquired about not working with a traditional bank to bring Credit Hub to market and we explained that to empower fintech innovators, Synapse decided to become the lender of record.
“...Synapse Credit is the lender of record and performs all loan origination, servicing, credit reporting, and monitors the program for marketing and regulatory compliance.”
Synapse saw an opportunity to develop specific credit products that could enable innovative lending including open loans, spend cards, turnkey buy now pay later solutions, and payroll cash advances. For buy now pay later (BNPL), Synapse’s product offering is ideal for any company with higher ticket items looking to bring a short-term loan solution to market. With Credit Hub, Synapse supports installment loans, where there is a one-time disbursement of funds that is then paid back in equal (pre-defined) installments over time. This loan could be applied for purchases with a single merchant, or multiple merchants. Multiple merchant BNPL can be supported, for example, by funds issued through a card (physical or virtual) or posting funds to an account.
Sankaet continued to explain how Synapse has enabled Credit Hub solutions with existing customers including, Quo and OnJuno, who use Synapse’s key market differentiators to innovate and grow. After discussing the revenue model of the company, Sankaet shared the long-term vision for Synapse and the product map for the next 5 years.