FinTech collapse leads to major banking lawsuit over missing customer funds 😳🏦; HSBC enters the UK Buy Now, Pay Later market 👋💳

FinTech is Eating the World, 27 November

Hey Everyone,

Good morning & happy Thursday! Today we’re going to look at the FinTech collapse that led to a major banking lawsuit over missing customer funds (holistic recap of the situation, why it matters & what’s next for FinTech & BaaS) and HSBC which just entered the UK Buy Now, Pay Later market (what’s the rationale behind & why it matters + bonus deep dives into HSBC & co inside). Let’s just jump straight into the good stuff 🌶️

FinTech collapse leads to major banking lawsuit over missing customer funds 😳🏦

The news 🗞️ A class action lawsuit filed in Colorado federal court has targeted four partner banks of the collapsed FinTech company Synapse over alleged mismanagement of customer deposits totaling up to $95 million.

American Bank, AMG National Trust, Lineage Bank, and Evolve Bank & Trust face accusations of failing to properly maintain and track customer funds following Synapse's Chapter 11 bankruptcy filing in April.

Let’s take a quick look at this and see what’s next.