With a unique business model that provides U.S.-based checking accounts to users all over the world, fintech company Synapse has expanded to a network of 13 million users. And with more than one million of these users in Brazil following new partnerships with Brazilian fintechs, the company is poised to bring its business to new markets in Latin America and beyond.
In a recent video interview, Synapse Chief Executive Officer Sankaet Pathak laid out the profile of the main client base for the company’s popular checking account products. For the most part, Synapse account holders take frequent trips abroad, are looking to invest in U.S. financial markets, or both. Understandably, such a user base has a particular set of needs, especially related to security and accessibility, which Pathak described in the interview as a “substantial challenge.”
“When it comes to onboarding, the most important thing is [determining] the likelihood of identity theft while also having a very streamlined and simple onboarding process,” Pathak said. “You want to be able to ask the customer for the least amount of information you can while still being able to do the assessment you need.”