In October, Synapse let go of 40% of its employees following the loss of a significant client. This came after a previous round of layoffs due to shifting "macro-economic conditions" that affected 18% of the company's workforce.

Currently, TabaPay travels over the same territory that Synapse does. The company provides merchant acquiring, quick payments, and services throughout the payments ecosystem. It handles over one million transactions every day on behalf of over 2,500 clients in the US and Canada. Customers can directly access 15 banking partners, 16 network connections, and full-stack payment processing through its single API.

"The addition of the Synapse features is an acceleration of our TabaPay story," says CEO and co-founder Rodney Robinson. Our current services are a perfect fit for the Synapse assets, which will allow us to expand while continuing to serve banks and Synapse clients.

The bankruptcy court must approve the agreement before it can proceed.