Today, Synapse announced a partnership with American Bank, a community bank based in Le Mars, Iowa, to enable fintech companies to build and deliver innovative digital financial services to their customers.
This partnership represents an extension of our modular banking strategy that includes Lineage Bank. Modular banking is an infrastructure that sources specialized services across multiple bank partners to deliver these services collectively as a complete offering to all its fintech and enterprise customers.
American Bank will serve as a sponsor bank to Synapse and its affiliates, providing core banking services such as FDIC deposit insurance, payment processing, and card issuance.
Sankaet Pathak, CEO of Synapse said, “American Bank’s support will enable us to deliver on our commitment to provide fintech companies and enterprises with best-in-class solutions at unmatched speed and at the best terms. American Bank shares our entrepreneurial spirit and unwavering dedication to customer service, and we look forward to collaborating with them on new ways to deliver value to our collective customers.”
Micah Lang, President [and Trust Officer] of American Bank said, “As Banking-as-a-Service continues to become more commonplace, American Bank is committed to strengthening our digital banking capabilities to better position us for the long term and support our community now and well into the future. Synapse is best positioned as a partner to this goal.”
To learn more about our modular banking strategy please read the blog post by Sankaet Pathak.