Sankaet
@sankaet
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Pinned Tweet
Our first status update on Foundation (3 months of work). Strategy and technical highlights in 🧵:
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I will be sharing the first status update on Foundation (my new co) in the next few days.
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If you are curious about the
@mercury
&
@synapsefi
dispute, this post should provide more context:
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@Deathmrn
@sytaylor
@fintechdevcon
@mikulaja
@AlexH_Johnson
Yes. I will fund litigation against evolve if there is enough interest from depositors.
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@pitdesi
who is an investor in Unit is spreading misinformation and conflating facts. Didn’t expect this from you
@pitdesi
. To set the record straight- our goal is to be acquired by Tabapay, chap 11 is the vehicle we are using to consummate the transaction given another friend of
Synapse, once the Banking as a Service leader & the starting point for many neobanks, filed for bankruptcy
Mercury, Relay, Cleo, Dave, Yotta, Stilt, Copper were all Synapse clients, but all moved on, some to other BaaS providers (like Unit), some to their own infra.
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@sytaylor
@fintechdevcon
@mikulaja
@AlexH_Johnson
Given their support desk stopped responding, can you ask Matt if ticket
#534104
was resolved? Its the ticket that caused a $6.5M deficit in the customer GLs. He'll remember surely because they really care about depositors.
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.
@getevolved1925
needs to start paying out customers and cover the deficit they created.
To that effect, I’m making all known Evolve deposit shortfalls and their causes public.
Any customer, regulator, government agency, or member of the press can contact me directly for more
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Fwiw, these allegations don’t line up with my beliefs. Frankly, anyone who holds these views would fall into the total asshole category for me.
Also, that lawsuit sprouted from someone who used to be incredibly close to me, practically family. Our parting was anything but
I know this discrimination lawsuit against Synapse & its cofounder is old (filed in 2019), but I had not read the specific allegations until now and, yeesh:
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.
@AlexH_Johnson
now I understand why you are not reporting on the Unit drama.. cough... conflict of interest... cough...
A new
@FintechTakes
essay (sponsored by
@unit_co_
) just dropped!
In the midst of all the drama, I think we've lost track of the purpose that BaaS serves. Today's essay looks at BaaS through the lens of competition and explores how it should evolve.
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Good overview on what
@synapsefi
is today and what we are building towards. Thanks for having me over
@Mat_Sherman
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.
@iamjakestream
take it from someone who gets critiqued every time he breaths... criticism is helpful and should be encouraged. Thats how the industry would get better as a whole. Anecdotes and examples help mobilize action, generalized statements rarely force people to act.
Let me summarize every headline you're going to see about banks and BaaS for the foreseeable future:
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@synapsefi
will now provide weekend support + 99.99% reliability on all non-beta products. These are not just new practices, but are now a part of our customer agreements. You can read more here:
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@Amanda86129207
@mikulaja
No. No FOMO. Its 2 am here and still working. Will be working till 6-7 am. It's the right thing to do. Zero regrets. Family has been very understanding as well. Everyone knows this is more important.
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@Tarique_Fintech
Yes - we are working with all fintechs and banks now to start cashing out the depositors and making funds available. We sent the ledger exports yesterday to all banks and fintechs. We will do another update to the ledger on Monday given all payments have now stopped and activity
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@JordonMGonzales
@ybchri_
@patrick7kelly
@chelseajnoack
@mikulaja
As of yesterday, final ledger reports have been sent to all banks and fintechs. Each depositor will be getting an email notifying them of their balances by bank. Final statements to come shortly as well.
The email would also include action on your part - to let the fintech know
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@BradvanL
@Samer_Saab
@astrange
@synapsefi
Launching EU and Canada this year. With the goal to launch two new each year if not more
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@pope2607
@Amanda86129207
@mikulaja
😞 This breaks my heart. It’s completely unfair that you can’t access your funds, especially when you had such a special trip planned for your daughter’s birthday. Your feelings are absolutely valid.
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Goal: Automate GDP through AI and Robotics to free people from labor jobs, allowing them to pursue their passions.
Declining birth rates will lead to severe labor shortages in 20-30 years, risking civilizational collapse, making this mission urgent.
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@mikulaja
Yes -
What I was saying is that all fintechs (including synapse) hold some operating capital in the ecosystem. In case of platforms its for paying for cards printing, payment processing etc. all of those are realtime charges.
Synapse also generated payment processing revenue
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It was great speaking with
@LendAcademy
about our 2020 plans
Episode 233 of the Lend Academy Podcast: Sankaet Pathak of
@Synapsefi
#fintech
#bankingasaservice
#embeddedfinance
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Here are my thoughts on the reporting about Synapse and its partners from the last weekend.
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@Tarique_Fintech
@mikulaja
Maybe its not coming across in the posts, but I obviously care a lot about the depositors and people who are hurting because of this disruption. Me and everyone else at Synapse is working day and night with the sole goal of doing everything we can to get people access to their
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The company that deploys the largest fleet will likely win. Success won’t come from just software or hardware alone—it requires strength in both, plus the right infrastructure (more on that later).
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To automate GDP, we need real-world foundation models. The challenge is the massive amount of data required for effective training, which hasn't been collected yet.
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Anyone holding some bitcoin? Now would be a good time to use them for a good cause via
@ChangeTip
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For success, our robot needs to be immediately useful—that’s how we scale to a massive fleet.
• This means taking a different approach: starting with narrow models for each task.
• As we gather more data, these models will merge into a single foundation model.
For example,
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Allpoint + MoneyPass will give Synapse issued debit cards access to the largest ATM network in the US. Some more cash deposit options coming soon. Reasoning for adding
@Cardtronics
in the thread
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With these advancements, our hands can now perform pick-and-place tasks effectively.
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@CopperTopAHole
@iamjakestream
I’ve lived pay check to pay check most of my life and started the company because I could not open up a bank account. But it doesn’t matter - what matters is that people get their money back. I promise you I am not taking this lightly and it pains me to hear the adverse impact
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Our hands can now dynamically adjust torque based on the object’s firmness, ensuring a secure grip without causing damage.
The goal is to hold objects firmly without crushing them.
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1/3 It was great catching up with
@sytaylor
@NeelGanu
@HelenBierton
about how technology is disrupting traditional banking and enabling new experiences
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@mikulaja
I've worked with ALOT of lawyers at this point and Synapse's GC is hands down the best one so far. She is able to pick up complex concepts very quickly and get to the base truth at a faster pace than most people -- which includes engineers, scientists and other great people I've
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On hardware, we’ve focused on the hands, which account for over half of a humanoid's mechanical and electrical complexity.
Our Gen 01 hands now dynamically grip, closely mimicking the human hand’s adjustable grip.
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I just published “Cognitive Behavioral Science and Banking”
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We’re adding tactile sensing to our hands to maintain precise control over objects, even when the camera’s view is blocked during tasks.
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I just published “SynapsePay is now SynapseFI”
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We’re expanding our team and looking for talent in AI, mechanical, electrical, software engineering, and more. If you're interested, please reach out to us at jobs
@foundation
.bot.
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We're now focused on developing our humanoid legs. Here’s a look at the CAD design.
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@JohnZettler
@pavtalk
@jmj
@pointbankingapp
Small clarification— we’ve built our own processor. Right now in between migrating all customers from Jack Henry to our native processor. Not using Marqeta.
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Tech updates:
Perception is the core interface for our robot. Our model now fully handles scene depth, object detection, semantic segmentation, and unseen object pose estimation—exceeding what any autonomous vehicle perception stack can do.
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As we add more skills, the OS will need to scale like an iPhone, not a traditional robotics OS. It will excel at installing and managing narrow models, requiring strong orchestration, sandboxing, and resource management.
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I’ll be sharing frequent updates—follow
@sankaet
to stay in the loop. Help us spread the word about Foundation by liking and reposting below if you can:
Our first status update on Foundation (3 months of work). Strategy and technical highlights in 🧵:
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We’re also investing heavily in synthetic data by gathering high-quality ground truth data (very important).
Here’s a virtual workstation we built from real customer data.
This lets us create more variations in our training datasets, cutting down on the real-world data needed.
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@mikulaja
Please do more research on this. The house you speak of was a Peter Theil startup house - tons of companies lived there and worked before us and now after us, it’s AGI house see this - . We have it in writing from the landlord that they knew we were running
Got invited to a pre-New Years Eve party in SF…
But instead of partying, everyone was just hacking on startups and side projects. They were intense.
Here are some of the demos we saw from the party animals at
@AGIHouseSF
(🧵):
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@mikulaja
@orwellianbrunch
It was my secondary and a board seat - if I would’ve caved on both, they would not have vetoed. I didn’t think that was right, the board majority did not think this was right, so I did not. That was the fork in the road. If TS had not been vetoed, we would not be selling - and a
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Thanks
@CraigJamalLewis
. Side Note — The most interesting part of the announcement has been how Hillary gets mentioned last or not at all. She is on the Synapse board and has contributed and continues to contribute more than anyone from the early days.
@astrange
@synapsefi
We’ve been a customer since their Memphis days. Seen the evolution and growth up close. Ad Astra.
@sankaet
& Bryan... and Hillary 😎
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3/3 Our focus on reliability is probably the least talked about topics publicly, but here are the reliability numbers so far (this also includes beta products just).
We think we can do better. We'll have a few more announcements around this in next couple of weeks.
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@mikulaja
interesting.. thought you'd be more interested in this
.
@getevolved1925
needs to start paying out customers and cover the deficit they created.
To that effect, I’m making all known Evolve deposit shortfalls and their causes public.
Any customer, regulator, government agency, or member of the press can contact me directly for more
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@DSchulzi
@Deathmrn
@sytaylor
@fintechdevcon
@mikulaja
@AlexH_Johnson
I am not sure what the threshold would be. But I am guessing it needs to be significant for a good law firm to consider it. My guess would be 10% or above of depositors are going to join. Evolve’s total $ obligation is around $120M, so if depositors in aggregate have atleast $12M
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@JordonMGonzales
@ybchri_
@patrick7kelly
@chelseajnoack
@mikulaja
As of yesterday, final ledger reports have been sent to all banks and fintechs. Each depositor will be getting an email notifying them of their balances by bank. Final statements to come shortly as well.
The email would also include action on your part - to let the fintech know
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Thanks for having me
@FintechOrama
!
Upgrading the Banking Infrastructure to Provide Access to Financial Products
with
@sankaet
Sankaet Pathak, CEO of
@synapsefi
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@Yieldstreet
@11FS
@synapsefi
@sytaylor
@uqbar_
@RoisinLevine
@tryflux
Long live SFTPs and flat files
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2/3 Same examples:
@finchapp_
is combining checking and brokerage to enable customers to keep money in the public market until they really need to spend it.
@BankWithLVL
is enabling the same for crypto investing. Breaking through the boundaries of traditional banking.
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@EdinBekric
@mikulaja
I think you are suggesting that you will come to SF to kill me? Your anger is misplaced. Evolve is the one holding funds, not us. Either way, violence and death threats is not the solution. Do better.
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2/3 We also have some other non-traditional legal representations like 90 day money back guarantee and a No suck clause as a part of the agreements. To build the right incentive structure within the company. Dont want to lock down people on legal contracts.
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.
@CryptoKitties
is the next big thing... no joke. I am bullish on
@CryptoKitties
CryptoKitties:
- Pure implementation of trustless p2p digital asset markets.
- (Eventually) fundamentally-priced nonfungible asset based on quantifiable rarity.
- First major dapp example of user acquisition via recursive incentives.
- 27K users, $3.8M transacted first week.
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@CopperTopAHole
@iamjakestream
We are not holding funds hostage - evolve bank is. We are working as hard as we can to get access to your funds back to you.
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