Sankaet Pathak, an Entrepreneurship Fellow at the University of Memphis
Crews Center for Entrepreneurship, recently secured $700,000 in seed funding for his startup company,
SynapsePay. The company offers a payment network that allows companies and individuals to send and receive funds from their bank accounts using ACH payments and wire transfers.
The network officially launched its mobile payments network in November of 2014, a process that they say is less costly for merchants and more secure for consumers. At the time of launch, Pathak said SynapsePay is more secure than other mobile payment options because no financial information is exchanged during a transaction.
Among his new investors are Doug Marchant, CEO of Unified Health Services and founder of Concord EFS; Hilliard Crews, Chair of Shelby Group International Inc.; and Jeff Webb, Founder and CEO of Varsity Brands.
SynapsePay already processes payments for a diverse set of customers, ranging from rental and payroll groups to crowd-funding platforms and currency exchanges. Its mobile app is also accepted as a payment option at several Memphis-area restaurants and businesses. Customers can either integrate SynapsePay’s white-labeled payment infrastructure into their applications or use its online dashboard and mobile app to send payments.
“We are in the early stages of building a global financial network,” says Pathak, who was selected as one of the inaugural class of Crews Center Entrepreneurship Fellows this past spring. “Our job is to make the entire payment process easier, cheaper and more secure for everyone involved in a transaction.”
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