Synapse is excited to announce a partnership with Utoppia, a U.S.-based fintech, which is leveraging the Synapse platform to offer a borderless account, based in the U.S., designed for non-U.S. residents with global financial needs.
Utoppia offers passport holders from Argentina, Brazil, Chile, Colombia, and Mexico access to a suite of cross-border financial services including an FDIC insured, U.S.-based account, the ability to receive and transfer funds to and from wallets, platforms and banks in U.S. dollars, and a U.S. bank-issued debit card.
Through this partnership, Utoppia will offer a borderless account through its mobile app. Applicants can open an account in their home country, with no need to travel to the U.S. All they need is a valid passport from a supported country.
“Our world has changed dramatically. Location no longer matters for workers in the digital economy,” said Stefano Angeli, founder and CEO of Utoppia. “You no longer need to travel, commute or live in a big city to improve your life or others. For global workers, cross-border families, and consumers, who travel physically or digitally, Utoppia’s borderless account delivers financial mobility and stability.”
“We are excited to announce that Utoppia has joined our growing list of customers launching innovative solutions on the Synapse platform," said Sankaet Pathak, CEO and co-founder of Synapse. “We are also excited that Utoppia is an early customer benefiting from our new, modular banking strategy.”
Sankaet Pathak explained that modular banking is an infrastructure developed by Synapse that sources specialized services across multiple bank partners to deliver these services collectively as a complete offering to its fintech and enterprise customers. Through modular banking, not only is Utoppia gaining best-in-class services across Lineage Bank, American Bank and Synapse Brokerage LLC, but they are also able to plug in their bank-of-choice for additional services into the Synapse platform, which they plan to do in the near future.