Shortly after Synapse filed for Chapter 11 voluntary bankruptcy last month, the corporation declared its desire to buy Synapse's assets.

A representative for TabaPay did, however, confirm to FinTech Futures that the business "sent termination notice of the purchase agreement" on Thursday of last week, citing a "failure to meet the purchase agreement closing condition" as the reason for the decision.

Although TabaPay did not go into any detail, Sankaet Pathak, CEO of Synapse, asserts that Evolve Bank & Trust, the company's banking partner, "has failed to meet their closing condition for TabaPay to be able to close" in remarks to TechCrunch on the subject.

Pathak informs TechCrunch that Evolve is required to completely fund its For Benefit Of (FBO) accounts; however, he asserts that the bank has not yet fulfilled this requirement.

"Our understanding is that Taba would finish the acquisition if Evolve met their closing condition of funding their accounts — which Evolve has not yet done," writes Pathak in a Medium post.

When contacted, an Evolve representative clarified to FinTech Futures that the bank was not a party to TabaPay's arrangement with Synapse, denying any role in the transaction. Regarding TabaPay's justifications for not proceeding with the acquisition of Synapse, we direct you to them.