Synapse, the global banking-as-a-service (BaaS) platform, has rolled out a new cash management account product, a press release said on Tuesday (May 24).
Called Global Cash, it will allow residents of 35 countries to invest and hold US dollars.
The release says this will allow FinTechs to expand their market reach, simplifying their onboarding of international customers, granting international customers access to US-based account features.
Global Cash is particularly aimed at the underbanked, freelancers, gamers and influencers. It provides debit cards, bank transfers, virtual account numbers and cross-border transfers.
One client is Nomad, a Brazilian startup that allows travelers to send local currency to US accounts, avoiding exchange fees and expensive credit cards. The Synapse platform includes identity and risk management features including Know Your Customer (KYC) and Anti-Money Laundering (AML).
“Global Cash delivers on the promise of truly modern, borderless and equitable access to financial services for customers without geographic boundaries,” said Sankaet Pathak, CEO and Co-Founder of Synapse. “With so many enterprising global citizens making a living on the web, we had overwhelming demand for this product. Prior to Global Cash, there was no easy way to deploy global financial products; a company’s options were to build from scratch or integrate with substandard BaaS providers in each country. Synapse removes these barriers, helping businesses facilitate global account services efficiently and simply through a unified platform. »
See also: Synapse raises $33 million as it prepares to expand
PYMNTS wrote that Synapse in 2019 raised $33 million in venture funding.
The round aimed to bring more financial services to the masses by letting banks and FinTechs work alongside developers.
Synapse wanted to “remove the complexity”, allowing an intermediary to ensure that companies could connect with banks.
Pathak reportedly said the company wanted to make it easier for developers to build and scale financial products.
“We don’t think Bank of America, Chase and Wells Fargo will be at the forefront” of the new FinTech, he said. “We want to make it really easy for internet companies to distribute financial services.”