Sankaet Pathak
Sankaet Pathak | |
|---|---|
| Education | MS in electrical engineering, University of Memphis |
| Occupation(s) | 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
[edit]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
[edit]Synapse
[edit]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]
Foundation
[edit]In 2024, Pathak co-founded Foundation Robotics Labs with Arjun Sethi.[12] It is a humanoid robotics startup,[13] with a goal of producing autonomous humanoid robots capable of automating manual labor.[14] The company launched an $11 million seed round, with investments led by Tribe Capital.[15][16] That year, Pathak appeared on the Forbes' list of the "Biggest Career Comebacks Of 2024".[17]
References
[edit]- ^ Strange, Angela (2019-07-12). "Founding Stories: Synapse". Andreessen Horowitz. Retrieved 2025-05-04.
- ^ a b c 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.
- ^ 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.
- ^ "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.
- ^ 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.
- ^ 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.
- ^ 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.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ "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.