Fast money transfer platform, TabaPay, Inc., said today that it has reached a deal to buy Synapse Financial Technologies, Inc.’s assets and affiliates.
Rodney Robinson, TabaPay’s co-founder and CEO confirmed the deal in a media release.
According to the release from the company, the agreement will enable TabaPay to provide additional financial services to FinTechs and financial institutions.
TabaPay pointed out that both businesses were listed on Deloitte’s 2023 Fast 500 and that they had provided comparable financial technology services.
For scalable, reliable, and reasonably priced fast payment solutions, TabaPay bills itself as a top money movement platform.
The company offers merchant acquisition, rapid payments, and services throughout the payments ecosystem.
“The addition of the Synapse features is an acceleration of our TabaPay story, one dedicated to delivering great solutions that help our clients rapidly innovate, save money, and offer great financial products to their customers,” said Robinson.
“The Synapse assets are a great and natural fit to our existing services to grow our offerings in tandem with providing continuity to Synapse clients and banks.”
Domiciled in the Baking-as-a-Service industry, Synapse laid off around 40% of its employees in October of last year, following another round of layoffs that affected 18% of the company’s personnel in June.
Once the bankruptcy court approves the asset acquisition, TabaPay will announce further solutions that use the Synapse assets.
We earlier reported that a judge denied Apple’s request to have a lawsuit worth almost $1 billion dismissed, holding that the company must answer to claims that it unfairly charged commissions to over 1,500 developers in the UK when they bought apps and other content.
