Synapse Sees Significant Growing Pains

Digital banking fintech Synapse burst onto the scene in the last few years and is reportedly suffering from some serious growing pains; according to Forbes the company has seen employee and customer turnover with CEO Sankaet Pathak at the center of the controversy; Forbes talked to 13 former and current employees and 6 customers for their article; they report Pathak’s temper is a big problem, two incidents in particular came to light when he fired employees on the spot and then tried to rehire them minutes later; too much of the decisions run through Pathak and the hiring of cheap closing talent has caused a number of issues for clients; the company is still seeing success with products, though the number of new clients is reportedly slowing down; “Our products are live, and working,” Pathak told Forbes in an email when responding to some of the criticism. “If they weren’t, we wouldn’t have any customers … There are a lot of moving parts and we are stitching it all together.”; the coronavirus presents a new problem but Synapse still has one fastest ways to launch more than 8 banking products and backing by big name investors that keep the company pushing forward. Forbes

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