Synapse Raises $33M Series B Led by Andreessen Horowitz for BaaS Platform

Synapse announced a $33 million Series B funding round led by Andreessen Horowitz, with participation from Trinity Ventures and Core Innovation Capital. Synapse operates a platform-as-a-service model for financial services, offering payment, deposit, lending, and investment products as APIs to fintech companies and banks. At the time of the raise, the company reported over three million clients using its cloud-based tools.

The funding was intended to expand Synapse's BaaS infrastructure capabilities, enabling more fintechs to embed financial services into their products. The round underscored growing investor confidence in the BaaS middleware layer that connects banks and technology companies. Synapse's model is a direct example of the embedded finance movement, where non-bank companies can offer banking products through API integrations.