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Synapse Financial Technologies
Synapse Financial Technologies, Inc. was an American banking as a service company based in San Francisco. It was founded in 2014 and filed for bankruptcy in April 2024. History Synapse was founded in 2014 as a banking as a service platform. The company claimed to keep customer deposits in FDIC insured bank accounts, and argued that this provided a comparable level of depositor protection to conventional bank accounts. However, since Synapse was a non-bank company, it did not provide FDIC protection for depositors against its own bankruptcy. The company was backed by Andreessen Horowitz and raised $51 million from investors. The company had 100 direct business relationships with financial technology companies including Dave and Honey, indirectly serving 10 million retail customers through those relationships. It was one of the 100 fastest growing financial services companies in the United States in 2022. The company was valued as a unicorn in 2024. The company filed for chapte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Company
A privately held company (or simply a private company) is a company whose Stock, shares and related rights or obligations are not offered for public subscription or publicly negotiated in their respective listed markets. Instead, the Private equity, company's stock is offered, owned, traded or exchanged privately, also known as "over-the-counter (finance), over-the-counter". Related terms are unlisted organisation, unquoted company and private equity. Private companies are often less well-known than their public company, publicly traded counterparts but still have major importance in the world's economy. For example, in 2008, the 441 list of largest private non-governmental companies by revenue, largest private companies in the United States accounted for $1.8 trillion in revenues and employed 6.2 million people, according to ''Forbes''. In general, all companies that are not owned by the government are classified as private enterprises. This definition encompasses both publ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PayPal Honey
Honey Science Corporation, doing business as PayPal Honey (previously Honey), is an American technology company and a subsidiary of PayPal. It is known for developing a browser extension that automatically applies online coupons on e-commerce websites. Founded in 2012 by Ryan Hudson and George Ruan in Los Angeles, California, the company was acquired by PayPal in 2020 for approximately $4 billion. The company has come under scrutiny for overriding affiliate links and using misleading advertising. History Entrepreneurs Ryan Hudson and George Ruan founded Honey in November 2012 in Los Angeles, California, after building a prototype of the browser extension in late October 2012. A bug tester leaked the prototype to Reddit, where it gained adoption. By March 2014, the company had 900,000 organic users. Honey raised a $26 million Series C round, led by Anthos Capital in March 2017. By January 2018, Honey had raised a total of $40.8 million in venture backing. In 2020, it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Class Action
A class action is a form of lawsuit. Class Action may also refer to: * ''Class Action'' (film), 1991, starring Gene Hackman and Mary Elizabeth Mastrantonio * Class Action (band), a garage house band * "Class Action" (''Teenage Robot''), a 2002 episode of ''My Life as a Teenage Robot'' *''Class Action'', a play by Brad Slaight *''Class Action'', a 2002 book that was the basis for the film '' North Country'' *''Cla$$ Action'', a 2005 novel by Henry Denker {{Disambiguation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CNBC
CNBC is an American List of business news channels, business news channel owned by the NBCUniversal News Group, a unit of Comcast's NBCUniversal. The network broadcasts live business news and analysis programming during the morning, Daytime television in the United States, daytime trading day, and early-evening hours, with the remaining hours (such as weekday prime time and weekends) are filled by business-related Television documentary, documentaries and reality television programming, as well as occasional NBC Sports presentations. CNBC operates an accompanying financial news website, CNBC.com, which includes news articles, video and podcast content, as well as subscription-based services. CNBC's headquarters and main studios are located in Englewood Cliffs, New Jersey, while it also maintains a studio at the Nasdaq MarketSite in Times Square, New York City. CNBC was originally founded in April 1989 as the Consumer News and Business Channel, a joint venture between NBC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yotta Savings
Yotta Technologies is an American financial technology (fintech) company that offers sweepstakes games, and that formerly offered a prize-linked savings account. On May 11, 2024, due to the failure of Synapse, a fintech company on which Yotta depended, Yotta's customers lost access to the money held in their accounts. Because Yotta is not a bank, Yotta's customers were not entitled to deposit insurance. , depositors have been offered only some of the money they had provided to Yotta. Savings account provider Yotta was founded by Adam Moelis, the son of billionaire investment banker Ken Moelis, and Ben Doyle. The company was founded in October 2019, and its platform launched in July 2020. Early funders of Yotta include hedge fund manager Cliff Asness and Ken Moelis. In January 2021, Yotta announced that it had raised $13.2M in Series A funding, led by Base10 Partners, with additional funding from Y Combinator, Core Innovation Capital, and Slow Ventures. Yotta originally offer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jelena McWilliams
Jelena McWilliams (; born July 29, 1973) is a Serbian-American business executive and a former chairman of the Federal Deposit Insurance Corporation. She was nominated to the position and to the FDIC Board of Directors by President Donald Trump, and the Senate confirmed her appointment on May 24, 2018. She was sworn in as chairman on June 5, 2018. Previously, McWilliams was executive vice president and chief legal officer of Fifth Third Bank in Cincinnati, Ohio. She resigned from her position as chairman of the Board of the FDIC on February 4, 2022. Early life and education Born Jelena Obrenić ( sr-Cyrl, Јелена Обренић) in Belgrade, Serbia, in the former Yugoslavia, McWilliams traveled to the United States at age 18 as part of a high-school exchange program. She attended the University of California at Berkeley for college. She funded her education by working a series of minimum-wage jobs. She wrote her thesis on the war in her native Yugoslavia.Rexrode, Christine ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FDIC
The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this has been increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States, and according to the FDIC, "since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds". Deposits placed wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 11 Bankruptcy
Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unicorn (finance)
In business, a unicorn is a startup company Valuation (finance), valued at over US$1 billion which is privately owned and not listed on a share market. The term was first published in 2013, coined by venture capitalist Aileen Lee, choosing the unicorn, mythical animal to represent the statistical rarity of such successful ventures. Many unicorns saw their valuations fall in 2022 as a result of an economic slowdown caused by the COVID-19 pandemic, an increase in interest rates causing the cost of borrowing to grow, increased market volatility (finance), volatility, stricter regulatory scrutiny and underperformance. CB Insights identified 1,248 unicorns worldwide . Unicorns with over $10 billion in valuation have been designated as "decacorn" companies. For private companies valued over $100 billion, the terms "centicorn" and "hectocorn" have been used. History Aileen Lee originated the term "unicorn" in a 2013 ''TechCrunch'' article, "Welcome To The Unicorn Club: Learn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bloomberg Law
Bloomberg Law is a subscription-based service that uses data analytics and artificial intelligence for online legal research. The service, which Bloomberg L.P. introduced in 2009, provides legal content, proprietary company information and news information to attorneys, law students, and other legal professionals. More specifically, this commercial legal and business technology platform integrates Bloomberg Law News with Bloomberg Industry Group's primary and secondary legal content and business development tools.New Bloomberg Law App Provides Seamless Access To Personalized Content , ''PR Newswire'' (Feb 21, 2014). [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dave (company)
Dave (also known as Dave.com) is a digital banking service. The service's main focus is on cash advances. Services Dave's main service is short-term lending. The company does not charge interest, or origination or similar fees, instead charging for expedited service and a monthly fee; to use the service, and giving the option to "tip" the company. Lauren Saunders of the National Consumer Law Center expressed concern that some users may feel compelled to tip, resulting in it being not too different from paying interest. Dave launched a banking service in 2019, through a partnership with Evolve Bank & Trust. It has a service for finding side-work called SideHustle. History '' Shark Tank'' star Mark Cuban led a $3 million seed investment round in the company, saying he was crushed by overdraft fees in his twenties. The CEO of Dave, Jason Wilk, was the former creator of AllScreen, a company which was also originally funded by Cuban, who put in a $300,000 investment. Aft ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services
Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns financial management and consumer finance. The finance industry in its most common sense concerns commercial banks that provide market liquidity, derivative (finance), risk instruments, and broker, brokerage for large public company, public companies and multinational corporations at a macroeconomics, macroeconomic scale that impacts domestic politics and foreign relations. The extragovernmental power and scale of the finance industry remains an ongoing controversy in many industrialized Western economies, as seen in the American Occupy Wall Street civil protest movement of 2011. Styles of financial institution include credit union, bank, savings and loan association, trust company, building society, brokerage firm, payment processor, many ty ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
