UofM Student Secures Funding for Start-Up Payment Company
May 18, 2015 - Sankaet Pathak, an Entrepreneurship Fellow at the University of Memphis Crews Center for Entrepreneurship, has secured $700,000 in seed funding for his startup company, SynapsePay. Among his 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.
Pathak's company, SynapsePay, is a payment network that allows companies and individuals
to send and receive funds from their bank accounts using ACH payments and wire transfers.
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 spring. "Our job is to make the entire payment process easier, cheaper and more secure for everyone involved in a transaction."
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.
Contact: Gabrielle Maxey