B. Riley Advisory Services is soliciting bids for the assets of Synapse Financial Technologies, Inc., pursuant to the Order of the United States Bankruptcy Court, Central District of California, Chapter 11 Case No.: 1:24-bk-10646-MB
The Deadline for Initial Indications of Interest is November 4, 2024 at 4:00 p.m. Pacific Time. The Deadline for Initial Bids is November 11, 2024 at 4:00 p.m. Pacific Time.
The Synapse Financial Technologies platform provided Banking as a Service (BaaS) infrastructure to fintech customers. According to its Fall 2023 literature, the Synapse platform was serving approximately 120 fintech customers, 3 million active users, $60 billion annualized money movements and $3 billion card-based spending. The system is running on MongoDB Atlas and AWS.
The assets being offered by the Chapter 11 Trustee include:
- The Synapse Financial Technologies platform, a BaaS (Banking as a Service) and IP
- Equity interests in subsidiaries, Synapse Credit, LLC and Synapse Brokerage, LLC
- Other Assets as determined by the Chapter 11 Trustee
To receive additional information and to request a Non-Disclosure Agreement (NDA) required to investigate this opportunity, please contact:
Seth R. Freeman, Managing Director at sfreeman@brileyfin.com ; Tel +1-925-899-1550
Jonathan Wernick, Managing Director at jwernick@brileyfin.com; Tel +1 310-909-6121
About B. Riley Advisory Services
B. Riley Advisory Services is a leading provider of specialty business advisory services that works with law firms, lenders, private equity sponsors, and companies of all types on business challenges such as planning and executing a major acquisition or divestiture, pursuing a fraud investigation or corporate litigation, or managing through a business crisis or bankruptcy. The firm offers a unique mix of appraisal services including asset-based lending (ABL) valuations, restructuring and turnaround management, forensic accounting and litigation support, and transaction support services including due diligence and quality of earnings reviews. For more information, visit www.brileyadvisoryservices.com.
About B. Riley Financial
B. Riley Financial is a diversified financial services platform that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com.