Pathak: Synapse CEO uses only customer fintech cards, no legacy banks
Sanket Pathak · Founding Stories: Synapse · Jul 12, 2019 · at 39:18
Sanket Pathak is the founder and CEO of banking-as-a-service platform Synapse. He explains how he personally relies entirely on fintech apps powered by Synapse.
0:00 / 0:06exact quote · 6.6s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“At this point, I don't have an account with Bank of America, Chase, Wells Fargo, anyone. I literally only have my customers' cards in my pocket.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Sanket Pathak
Pathak: Synapse will not seek to acquire its own banking charter
“We're most likely not going to go and get a charter.”
Pathak: Empower will surpass neobanks like Chime and Varo within months
“So pretty much, at this point, in a couple of months, they've been able to get at par With any other new banking customer you can think of. Maybe Chime, maybe Varo, all of these people. They started after them, and now are at the point where we are, and next c…”
Pathak: Early neobank Simple was essentially a reseller for Bancorp Bank
“Simple has a bunch of obligations that they've had to kind of outsource in a way to Bancorp Bank, which was their partner bank and based on whatever their KYC standards were and KYC policies were, that's all Simple could So in a way, Simple was just a reseller…”
Pathak: Legacy banks lack software skills to acquire digital customers efficiently
“Banks, in most cases, are not good at, like, building out new software interfaces and tools and for that reason, even if they blew up their marketing, it would be highly unlikely that they'd be able to get in a lot of these customers.”