According to Business Insider, fintech startup Synapse is laying off as many as 63 people or more than half of its staff in its San Francisco office; it is looking to grow its presence in Texas as a move to weather the economic storm; the company provides back office financial products to enable banks and fintech companies to launch new products quickly; the Synapse CEO, Sankaet Pathak, sent an email to customers to inform them that a number of employees had been let go; the startup secured $33 million in funding last year from the likes of Andreessen Horowitz; Synapse is looking to better serve large enterprise companies as it looks to diversify its customer base. Business Insider
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.