Jason Mikula
@mikulaja
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Head of Industry, Banking/Fintech @ Taktile | 2-bit amateur wannabe reporter @ Fintech Biz Weekly | Literally wrote the book on BaaS | Fmr Goldman, Enova, RPCV
Amsterdam, Netherlands
Joined December 2008
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Pinned Tweet
Fintech Biz Weekly just dropped:
-BIG NEWS: I'm joining the team at
@taktile_org
🎉
-Evolve partner PrizePool is shutting down
-Klarna launches ̶b̶a̶n̶k̶i̶n̶g̶ gift cards
-The new argument that CFPB's funding is unconstitutional
You know where to find it.
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Fintech Biz Weekly exclusive
WHISTLEBLOWER REVEALS: a16z- & Peter Thiel-backed Eco lied, said it earned yield from "Goldman and Fidelity"
Actually put user funds in BlockFi, Wyre, Genesis & defi protocols
And that's just the tip of the iceberg
Read:
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SCOOP:
Mercury cofounder & CEO calls it a “sad day” as the firm abruptly offboards companies that account for “sub 1% of deposits” but “probably 50% +” of compliance work —
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BREAKING: Evolve Bank & Trust has allegedly been the victim of a ransomware attack and data breach by Russian hacker group LockBit, multiple info security sites are reporting:
The group had touted a cache of Federal Reserve data but, when its demands weren't met, released what
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BREAKING:
Mass layoffs at banking-as-a-service platform Synapse (hearing at least 130+ people, which is 50% of the company.)
One of the company's largest clients, Mercury, gave notice of non-renewal & plans to move directly to Evolve.
More as this develops.
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Evolve hack includes full KYC data and, apparently, images of identity credentials.
This puts EVERY entity in the financial system at risk for fraud, not just users/programs of Evolve.
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Just received a cease & desist from Evolve.
If people misunderstood my posts to mean that I would share sensitive PII in my reporting, please know that was never my intent. I would not risk exacerbating what’s already a difficult time.
Also know I plan on continuing my
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Cofounder of bankrupt Synapse is soliciting investors for his new robotics startup via cold LinkedIn outreach apparently:
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2020: Every fintech launches a debit card
2021: Every fintech launches BNPL
2022: ??
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Finally reading this McKinsey thing.
Sadly, there are NO PICTURES OR GRAPHS.
I will highlight my favorite consultant-speak sentences for your enjoyment.
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🚨The cat is officially out of the bag: I WROTE A BOOK!
Featuring a foreword by the one and only
@sytaylor
Official publication date isn't til end of the year, but you can PRE-ORDER NOW
Get 20% off with promo code "BaaSIsland" when you order direct from publisher Kogan Page
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WOW:
Synapse may have co-mingled end-user funds, fintech programs' reserve & operating funds, and Synapse's own operating funds in FBO accounts at Evolve, former CEO Sankaet Pathak said under oath at yesterday's creditor committee hearing.
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Customers Bank hit with Fed enforcement action for digital asset, dollar token activities.
Order flags gaps in BSA/AML, OFAC compliance:
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Something I’m not sure folks following the Synapse story realize.
Its founder had zero experience in banking, finance, or fintech.
In fact, per his LinkedIn, he had zero work experience at all:
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Have seen examples of plain text files that were leaked that contain:
PII of account holder: incl name & address, email, phone, unencrypted SSN/TIN, DOB, fintech platform
Account info: status, type, balance, last activity, opened date, account number, daily limits
BREAKING: Evolve Bank & Trust has allegedly been the victim of a ransomware attack and data breach by Russian hacker group LockBit, multiple info security sites are reporting:
The group had touted a cache of Federal Reserve data but, when its demands weren't met, released what
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The scope of the Evolve hack could be truly astonishing:
Not only users of Evolve fintech programs (Affirm, Dave, Stripe Treasury, which includes Shopify, Mercury, etc) but ALSO anyone who has sent a payment to or received a payment from them.
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Pet peeve: when companies make it look like their DEBT facility is part of an EQUITY fundraise:
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NEW:
As Synapse was spiraling towards bankruptcy, cofounder Sankaet Pathak took $320,000 out of the company as a personal loan.
Per leaked internal records, $160,000 on 12/13/2023 and another $160,000 on 1/31/2024, which align with the amount owed stated in the bankruptcy docs:
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Also:
Pathak told employees he took a 50% pay cut, as rank-and-file employees agreed to a pay cut, with a retention bonus to be paid when the Taba deal closed, which they're unlikely to ever see.
Only it appears the 50% pay cut was immediately reversed, per internal records:
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BREAKING:
Senators Sherrod Brown & Ron Wyden call on Evolve to make Synapse end users whole:
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All consumer fintechs, if they survive long enough, become advertising businesses...
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I wonder if the BaaS bank CEO who referred to me as a "two-bit amateur wannabe reporter" has changed his mind yet...
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Can’t imagine why VC-backed fintechs have compliance issues…
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Monzo hits monthly profitability for first time.
Guess how it got there?
*Lending*
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FIS is acquiring BaaS platform Bond, multiple sources tell me.
Deal could be announced publicly as soon as early next week.
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The biggest "innovation" in fintech lending was a willingness to lend to riskier consumers by charging higher rates.
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Fintech Biz Weekly just dropped
-$13 Million in Missing User Funds: Evolve Bank & Trust, Synapse Play Blame Game as Banking-as-a-Service Crisis Intensifies
-FTV Capital Sues Solid and Its Cofounders Personally For $61 Million Over Alleged Fraud
Additional key points include👇
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BREAKING:
Unit, once valued at $1.2 billion, has laid off 15% of staff, as challenges for banking-as-a-service intermediaries intensify, multiple sources granted anonymity given the sensitivity of the situation tell me.
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Why is Synapse CEO in Greek resort island of Santorini while his company is melting down:
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Has fintech just been a very expensive, VC-funded lab for establishment banks to develop new features?
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BREAKING:
Thread Bank, which supports about 35 fintech programs through direct partnerships and its relationship with middleware intermediary Unit, hit with consent order.
Full analysis in special edition of Fintech Business Weekly after I've digested it...
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Update:
Spoke with a user of an Evolve fintech client whose data is in the breach and confirmed it is accurate - name, DOB, address, SSN, email.
They mentioned numerous login attempts to their Apple IDs in recent days.
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Stripe & Goldman’s partnership on Stripe Treasury, announced to much fanfare in 2020, appears to have yielded just TWO live clients nearly three years later
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For the past 10+ years, many VCs have acted like self-appointed experts in EVERYTHING (esp on this website), not just investing or innovation, but housing policy, tax policy, geopolitics...
Turns out, their "expertise" was mostly 0% interest rates (with a dash of regulatory arb)
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Wow, Amex is using
@PinwheelAPI
for its deposit switch.
Love seeing incumbents leveraging new fintech capabilities like this!
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Evolve has known their systems were compromised since late May.
But it appears they didn’t notify impacted fintechs (or end users) until the breach became public last week:
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A trusted contact who reviewed a draft of tomorrow's Fintech Biz Weekly newsletter said it's probably the most "explosive" piece I've written to date...
Better buckle up!
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It’s come to my attention execs at some companies I cover think I “hate” them.
I don’t think of my job as being a cheerleader for fintech. We have VCs & founders for that.
I take a sober look at economic fundamentals & legal realities that too many have ignored for too long.
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Fintech Biz Weekly 🚨SCOOP🚨
BaaS platform Solid faked revenue numbers, special committee appointed to investigate, sources reveal
Solid, Evolve Bank & their client EZBanc accused of fraud & negligence in $9m lawsuit
EZBanc linked to convicted Russian money launderer
More 👇
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🔥Fintech Biz Weekly just dropped
New research: How credit card rewards programs redistribute $15 *BILLION* in wealth from poor to rich, from less to more educated, from high- to low-minority areas
Read:
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Synapse/Evolve is truly fintech's Chernobyl.
Everything that touches it is contaminated, and it will take years to understand the full scope of the fallout.
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Raise your hand if you prefer NOT to hear *any* opinion on this from the All In pod crew....
I have never had so many people reach out to try and influence my opinion on a topic for All In, like I’ve experienced this week with the terror attack.
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Mercury has a new bank partner: the "developer infrastructure" bank started by Plaid cofounder William Hockey, Column:
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Scoop:
Sankaet Pathak, former CEO of Synapse, whose users still can't access their funds, has already moved on to his next venture
He incorporated Foundation Robotics on Apr 5, is seeking to raise $11m & claims to already have $10m committed from Tribe Capital & General Motors
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Finally read the Biłt story.
Not surprised about Wells Fargo’s overly optimistic hopes about being able to cross-sell.
Classic big-bank magical thinking — Goldman made the same mistake with Marcus.
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🚨Fintech Biz Weekly EXCLUSIVE:
-Synapse/Evolve program Juno was "nightmare fuel," "preferred haven for Nigerian scammers," ex-employee says
-The same 5 registered agent addresses were listed on more than 13k Mercury accounts w/over $430m in deposits
You know where to find it
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Well this is one way to try to justify your $25 billion valuation from 2021 — just sprinkle some generative AI magic dust on your business model!
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Class action suit against Evolve Bank, Yotta just dropped:
Plaintiffs say aggregate damage claims exceed $5 million, allege negligence, unjust enrichment, breach of contract, breach of fiduciary duty & conversion.
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Weird, Cash App suddenly says my profile name goes against its Terms of Service and that I need to update it... 🤔
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A $611 billion company, and they can’t afford a SINGLE person who knows how to use PowerPoint correctly…
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Why would a consumer, if fully informed & aware of the risks, choose to use a a fintech app that relies on pass-through coverage & thus not knowing if their deposits are insured vs. opening an account directly at a bank, where there is no ambiguity of FDIC coverage?
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Biłt (and Apple Card, too) is what happens when bank execs suffer from shiny object syndrome instead of actually focusing on realistic economics.
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New York Fintech Week is great and all, but I confess to having ulterior motives to come to NYC…
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User of
@winwithyotta
tells Synapse bankruptcy judge Yotta "refuses to answer any customer service inquiries"
Can't reach Synapse, Evolve says it can't help, FRB says call FDIC, FDIC says call FINRA, FINRA says it's "not aware of the issue" & call SIPC, SIPC says... call Yotta:
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Boy math is announcing your latest fintech fundraise, and including the debt facility
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Synapse CEO accuses Evolve Bank & Trust of using end-user money to pay itself:
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Crazy how versions of stories I write tend to end up in
@AmerBanker
within a week or two (without any credit to me...)
Synapse's founder had never had a job before, a fact bank partners should have gleaned during due diligence. "I'm all for bright young things getting into new businesses, but that's not enough for a durable, viable business proposition," says Karen Petrou
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Guys, for the love of god, turn on 2FA (preferably with an authenticator app, not SMS, if possible.)
Literally just texted this to my entire friends & family.
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"We're not processing payments for drugs - we're processing payments for CRYPTO. Which is then used to buy drugs."
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A reminder that real, “regular people” are continuing to be negatively impacted by the bankruptcy of Synapse and the dereliction of duty by Evolve, the other banks, and federal & state regulators:
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Fintech Biz Weekly is thissssss 🤏 close to hitting a 50,000 subscriber milestone:
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@NWischoff
@brianlaungaoaeh
Helps explain why so many (unprofitable) 15 min delivery startups and crypto/defi ponzis got funded and so few companies that address real issues facing working families — VCs can’t imagine what those problems or their solutions look like.
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At least I know *one* reader enjoyed yesterday’s newsletter 😅
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Fintech Business Weekly recently hit a 25,000+ subscriber milestone.
I get a lot of requests for advice about starting/growing a digital presence, so figured I'd capture some thoughts here in a short (promise!) 🧵
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Fintech Biz Weekly just dropped
Evolve's problematic partners: alleged fraud, bankruptcies, regulatory actions & abrupt shut downs.
Now, the bank is seeking to stem the fallout by cutting ties w/Synapse, Solid, their clients & others, sources say.
Read:
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For everyone on the "fintech bad" bandwagon, remember "real banks" harm consumers too, like by wrongfully repossessing their vehicles or opening fake accounts in their name:
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Who's Who In The Bankruptcy Zoo:
If you're having trouble keeping track of key players in the Synapse bankruptcy, I've prepared this handy chart:
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Fintech Biz Weekly investigates:
My identity was stolen & used to open bank accounts, move money, apply for loans at banks, fintechs & payment apps.
Why didn’t they catch it? And what can we learn from it?
Read the deep dive here:
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Having surgery today to see what is happening in his stomach, send prayers and treats 🥹
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Huge step backward if we’re now expecting consumers to do their own homework to understand if a service they’re using is actually covered or not —
Did you know that even though a nonbank company claims to work with FDIC-insured banks, your money is not automatically protected? In our latest issue of
#FDICConsumerNews
, discover what conditions need to be met for FDIC deposit insurance to kick in.
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Haven’t seen anyone ask:
How is it that apparently 33 *terabytes* of data moved out of Evolve’s Azure environment without any alarm bells going off?
Cloud bandwidth usage levels are typically monitored…
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I'll go one level simpler: startups that handle people's money (even indirectly) should HAVE a chief compliance officer
One point I haven't seen discussed much in the Synapse drama: for any startup that handles people's money, the board should have a direct line into the chief compliance officer
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Evolve hack update:
It appears the hack may contain a large volume of Evolve's internal emails.
For example below, 9.9gig+ of PST (outlook data files) for Dick Wittenberg, Evolve's SVP of Private Banking:
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Weird how exactly 0% of people at this wedding are interested in talking about the SVB bank run 😅
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Yikes, a16z is all-in on Trump.
I know it's hard to believe, but there ARE things more important than $$ in life.
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Fintech Biz Weekly *SCOOP*
Per leaked term sheet, Varo is raising $50m at $1.8b valuation - a 28% drop from its last round - but still looks *substantially* overvalued compared to public market comps
Also: Goldman ends Marcus checking beta & more
Read:
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Wow, I guess I get paid to tweet now.
Maybe I should donate that $420 towards the Synapse estate's MongoDB bills 😅
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I need a Clarence Thomas-level vacation after the last six months.
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VCs in 2023 listening to fintech pitches where the business model is still interchange:
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