The destruction of synapse is because of one thing: They were way, way too reliant on mercury, who was there far and away largest client. Mercury woke up one day, chose violence and left synapse to work directly with evolve.
The whole thing came down like a house of cards.
My understanding from folks familiar was the Evolve decided to cut Synapse out, not Mercury (prioritizing direct relationships with non bank entities vs via middleman). Is that not accurate? Evolve recently sunset many fintech relationships over the last 18 months, so it being their decision would not be surprising.