Synapse Layoffs
October 2023
Synapse announced a layoff affecting 86 employees (40% of its workforce) in October 2023. The company operates in the Finance sector.
86
40%
Oct 2, 2023
About
In October 2023, the fintech and banking-as-a-service startup Synapse laid off 86 employees, which constituted approximately 40% of its workforce. This significant reduction followed a previous round of layoffs in June 2023, when the company cut 18% of staff, citing challenging macroeconomic conditions that impacted client growth. The latest cuts were reported amid industry speculation, including claims that a major client, Mercury, was planning to leave its platform. Founded in 2014 and backed by Andreessen Horowitz, the San Francisco-based company had raised over $50 million in venture capital and provided infrastructure for banks and fintechs to build financial services.
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