{"asOf":"2026-09-05","merchant":"SSDF INC","kind":"event","id":"synapse-petition","date":"2024-04-22","title":"Synapse Chapter 11","kicker":"Middleware failure","body":"Synapse Financial Technologies, Inc. filed Chapter 11 in the Central District of California, Case No. 1:24-bk-10646. Middleware connecting fintech apps to partner banks. It did not hold a bank charter. Reported estimates of end-user funds frozen exceed $200 million; ledger shortfall estimates cluster around $85–95 million. Those are reported ranges, not an SSDF count.","clerk":"U.S. Bankruptcy Court, C.D. Cal.","cites":["In re Synapse Financial Technologies, Inc., No. 1:24-bk-10646 (Bankr. C.D. Cal. filed Apr. 22, 2024)"],"notes":["TabaPay's planned purchase collapsed in May 2024 after Evolve and others disputed who covered the FBO shortfall.","The failure mode is reconciliation: bank FBO vs middleware sub-ledger vs fintech UI."]}