The missing funds explain what is at the heart of the worst meltdown in the U.S. fintech sector since its emergence after the 2008 financial crisis.
There is an $85 million shortfall between what partner banks of fintech middleman Synapse are holding and what depositors are owed, according to the court-appointed trustee in the Synapse bankruptcy.
Customers of fintech firms that used Synapse to link up with banks had $265 million in balances, while the banks themselves only had $180 million associated with those accounts, trustee Jelena McWilliams said in ain the U.S. fintech sector since its emergence in the years after the 2008 financial crisis.
Still, some customers whose funds were held at banks in what's called demand deposit accounts have already begun getting access to accounts, she said. In her report, McWilliams presented several options for Judge Martin Barash to consider at a Friday hearing that will allow at least some FBO customers to regain access to their funds.
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