Synapse Bankruptcy Dismissed After Fintech’s Failed Sale Effort

Synapse Financial Technologies Inc.'s Chapter 11 bankruptcy has been tossed following unsuccessful efforts to sell its assets.

The collapsed financial technology company had no money to support a second auction after its first attempt in November 2024 yielded no viable bidders, Synapse’s trustee said in June. Judge Martin R. Barash of the US Bankruptcy Court for the Central District of California dismissed the case Wednesday.

Jelena McWilliams, a former chair of the Federal Deposit Insurance Corp., was tapped to be the Chapter 11 trustee overseeing the company and its assets. McWilliams asked the court to dismiss the case, or convert ...