Sankaet Pathak
| Sankaet Pathak | |
|---|---|
| Born | |
| 🏫 Education | MS in electrical engineering, University of Memphis |
| 💼 Occupation | Entrepreneur and businessman |
| 📆 Years active | 2014–present |
| Known for | Founder of Synapse Financial Technologies and Foundation |
| 🌐 Website | foundation |
Sankaet Pathak is an Indian-American businessman and entrepreneur known for founding the robotics startup Foundation, and fintech company Synapse Financial Technologies.
Early life and education
Sankaet Pathak grew up in Rajasthan, India.[1] He moved to Tennessee to attend the University of Memphis,[2] where he studied computer engineering, mathematics and physics. He graduated with a master's degree in electrical engineering.[3] In 2014, he was an inaugural Crews Center Entrepreneurship Fellow at the FedEx Institute of Technology.[4][5]
Career
Synapse
While living with roommates in Twin Peaks, San Francisco, Pathak founded the banking as a service (BaaS) platform Synapse Financial Technologies.[2] The company was originally founded to provide banking services to traditionally underbanked customers.[6] The company launched in 2014 and raised $51 million from investors including Andreessen Horowitz.[7][8] It partnered with around 100 financial technology companies including Dave and Honey,[2] and indirectly provided banking services to an estimated 10 million retail customers.[9] In 2022, the company was listed as one of the 100 fastest growing financial services companies in the United States by Inc. Magazine.[10]
In 2024, after ten years of operations, the company filed for bankruptcy.[11] Tens of thousands of customers were found without access to funds for an extended period.[12] Due in part to inadequate ledgering, a shortfall of $65m to $95m was reported to be missing.[13] As of 2026, reimbursement from the Consumer Financial Protection Bureau's Civil Penalty Fund is pending.[14]
Foundation
In 2024, Pathak co-founded Foundation Robotics Labs with Arjun Sethi.[15] It is a humanoid robotics startup,[16] with a goal of producing autonomous humanoid robots capable of automating manual labor[17] and being deployed in frontlines of war.[18] The company launched an $11 million seed round, with investments led by Tribe Capital.[19][20] That year, Pathak appeared on the Forbes' list of the "Biggest Career Comebacks Of 2024".[21]
References
- ↑ Strange, Angela (2019-07-12). "Founding Stories: Synapse". Andreessen Horowitz. Retrieved 2025-05-04.
- ↑ 2.0 2.1 2.2 Kauflin, Jeff. "Broken Synapse: Why Employees And Customers Are Fleeing This Andreessen-Backed Fintech Startup". Forbes. Retrieved 2025-04-05.
- ↑ "Sankeat Pathak, Founder/CEO Synapse - FinTech Silicon Valley". 2024-11-29. Retrieved 2025-04-05.
- ↑ "UofM Student Secures Funding for Start-Up Payment Company". www.memphis.edu. Retrieved 2025-05-04.
- ↑ Waddell, Michael. "Top of the class: First group of Entrepreneurship Fellows selected". High Ground. Retrieved 2025-03-07.
- ↑ Casperson, Nicole (2024-10-16). Fintech Feminists: Increasing Inclusion, Redefining Innovation, and Changing the Future for Women Around the World. John Wiley & Sons. p. 141. ISBN 978-1-394-27360-7. Search this book on
- ↑ Mason, Emily. "Synapse Management Ousted As Fintech Customers Remain Frozen Out Of Their Accounts". Forbes. Retrieved 2025-05-04.
- ↑ Azevedo, Mary Ann (2024-05-25). "Synapse, backed by a16z, has collapsed, and 10M consumers could be hurt". TechCrunch. Retrieved 2025-05-04.
- ↑ "Andreessen-Backed Fintech's Meltdown Shows Bank Middlemen Risks". 2024-06-12. Archived from the original on 2025-02-21. Retrieved 2025-05-04. Unknown parameter
|url-status=ignored (help) - ↑ "Meet the Inc. 5000 Companies: Winning in a Time of Change and Achieving Spectacular Growth". Inc.com. Archived from the original on 2025-02-19. Retrieved 2025-04-05. Unknown parameter
|url-status=ignored (help) - ↑ Sweet, Ken. "Abrupt bankruptcy of financial middleman Synapse freezes bank accounts of tens of thousands of U.S. businesses and consumers". Fortune. Retrieved 2025-05-04.
- ↑ "Synapse Financial Technologies, Inc". Consumer Financial Protection Bureau. 2025-09-15. Retrieved 2026-01-26.
- ↑ "Where did the money go? Latest from Synapse bankruptcy, Evolve". American Banker. 2024-12-02. Retrieved 2026-01-26.
- ↑ Mikula, Jason (2025-12-21). "CFPB Allocates $46 Million To Synapse/Evolve Victims In First-Ever Fintech Bailout". Fintech Business Weekly. Retrieved 2026-01-26.
- ↑ Azevedo, Mary Ann (2024-08-22). "Founder of failed fintech Synapse says he's raised $11M for new robotics startup". TechCrunch. Retrieved 2025-04-05.
- ↑ "Former Synapse CEO raises $11 million for his new robotics startup". American Banker. 2024-08-23. Retrieved 2025-05-04.
- ↑ Mitchell, Ethan (2024-08-28). "Pathak rebounding with new robotics business Foundation". KillerStartups. Retrieved 2025-05-04.
- ↑ Wilkins, Joe (2026-03-14). "Company Testing Humanoid Robot Soldiers on Frontlines of Ukraine". Futurism. Retrieved 2026-03-20.
- ↑ Wayland, Hugh Son,Michael (2024-06-12). "Robotics startup cofounded by Synapse CEO is raising funds with exaggerated claims about GM ties". CNBC. Retrieved 2025-05-04.
- ↑ "Ex-CEO of Failed Fintech Synapse Nabs $10 Million for New Robotics Startup". The Information. Retrieved 2025-05-04.
- ↑ Linares, Maria Gracia Santillana. "Biggest Career Comebacks Of 2024". Forbes. Retrieved 2025-05-04.
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