You don’t need a bank charter to offer banking products. Through APIs, banking as a service providers supply firms like Walmart, Uber, Amazon, and Apple with debit cards, payments, and money movement. Tearsheet’s Buyers Guide for Banking as a Service details the growth of the industry and the technology players making it happen.
For Outlier subscribers, we’ve compiled a first-of-its-kind list of BaaS companies powering top companies and apps around the world. Challenger banks, payment apps, and companies outside the financial industry turn to BaaS providers for their banking technology.
Founded in 2014, Synapse is DIY BaaS with a broad range of services. Anything that can be found on a bank’s homepage, Synapse can whitelabel. So far, Synapse has built products in the payments, deposits, and lending categories (which Synapse calls “Buckets”). Payments include ACH, wire, and card processing transactions; deposits include opening up deposit accounts, account routing numbers and debit card issuance; and lending includes the ability for any technology company to originate and service a loan. They also provide additional services including crypto wallets. As part of their services, they offer compliance and verification as well.