Synapse CEO and co-founder Sankaet Pathak shared his personal journey, the motivation behind Synapse's inception, and key trends to watch in fintech and finance in a new interview with Fintech Review.
As an immigrant to the US, Pathak had firsthand experience with the challenges of accessing banking services without a domestic financial history. This led him to establish Synapse in 2014 with the mission of providing access to best-in-class financial products to everyone, regardless of their net worth or country of origin, to eliminate barriers and increase access to financial health.
Sankaet also shared his thoughts on emerging trends within the fintech space. He discusses how the post-pandemic global economy has accelerated the need for borderless financial services. Remote work is more the norm, and with various cross-border workforce segments emerging, such as freelancers and social influencers, there is a growing demand for financial solutions that transcend national boundaries. He also covers how recent shocks in the banking sector have underscored the importance of safety and security, which Synapse recognizes and has taken pivotal steps to address.
The future of BaaS and embedded finance is ripe with innovation and promises to revolutionize the way we bank. As the industry evolves, more and more digital experiences will embed financial features. Like rideshare platforms have embedded payments and tipping into a seamless, one-click experience, other platforms and user experiences will increasingly embrace embedded finance.
