TabaPay to Buy Denver's Transact Bank, Rename It TabaBank After Failed Synapse Deal

TabaPay plans to acquire Denver-based Transact Bank and rename it TabaBank, with the deal expected to close in the fourth quarter pending regulatory approval, CEO Rodney Robinson said at the Money20/20 conference in Las Vegas. The money movement platform announced the transaction in September. Robinson said the failed pursuit of Synapse Financial, which TabaPay nearly bought out of bankruptcy in April 2024, prompted the bank strategy. "We walked away because the books were a mess," he said, calling the Synapse deal "a half measure" and the bank purchase "full measure." TabaBank will operate under newly registered bank holding company TabaHoldings alongside TabaPay, and Robinson expects it to be operational by April. It will keep the Denver branch and open one in Palo Alto, California, serving venture-backed fintechs as a partner bank. TabaPay will retain its 20-some partner banks for capacity and diversification, continuing cross-border payments and processing for large merchant customers through them, Robinson said.