April 2, 2026
SoLo Funds Earns Back BBB Accreditation | Transparency, Trust & What Changed
At a Glance , What You Need to Know
SoLo Funds has officially regained its BBB Accreditation, effective August 21, 2025. The accreditation was lost in September 2024 , not as a result of SoLo’s business practices, but as collateral damage from the industry-wide collapse of Synapse Financial Technologies and its partner Evolve Bank, which disrupted financial services for over 100 fintechs and 10 million end users across the country. SoLo responded by migrating its banking infrastructure, strengthening its member experience, and doing the hard work required to meet every BBB Standard for Trust. The accreditation is back. Additionally, so are we.
We’re going to be straight with you, because that’s what we do.
In September 2024, SoLo Funds lost its BBB Accreditation. We know some of you saw that. We know it raised questions. Additionally, we know those questions deserve a real answer , not a press release, not spin, and not silence.
So here it is, all of it: what happened, what we did about it, and what it means for you going forward.
What Happened: The Synapse Collapse and What It Cost the Industry
In April 2024, Synapse Financial Technologies , a Banking-as-a-Service (BaaS) provider operating as the behind-the-scenes infrastructure backbone for dozens of fintech companies , filed for Chapter 11 bankruptcy. What followed was one of the most disruptive events in the history of consumer fintech.
Synapse’s collapse froze access to funds for over 100,000 customers across the industry. It exposed a $96 million shortfall in customer deposits across multiple partner banks , including Evolve Bank & Trust, which had powered financial operations for a wide swath of fintech apps. For customers of platforms like Yotta, Juno, and others, funds were inaccessible for months. For fintech companies across the ecosystem, the fallout was immediate, messy, and largely out of their control.
SoLo Funds was not immune to this disruption. The chaos created real friction in our member experience during the migration , and that friction showed up in our BBB rating. In September 2024, our accreditation was revoked.
We want to be clear: the Synapse collapse affected over 100 fintechs and an estimated 10 million end users. It was an industry-wide crisis that exposed deep structural weaknesses in how Banking-as-a-Service partnerships were built and regulated. However, we are not here to point fingers. We are here to tell you what we did next.
What We Did: We Got to Work
When the BBB accreditation was lost, we had two choices: explain it away, or fix it.
We fixed it.
That meant doing an honest audit of every place where the migration disruption had created gaps in our member experience. It meant rebuilding operational processes, tightening our customer support infrastructure, and holding ourselves to a higher standard , not just in the areas the BBB was measuring, but across every touchpoint our members experience.
We migrated our banking infrastructure to a more stable, resilient foundation. We invested in the internal systems required to respond faster, resolve issues more effectively, and communicate more clearly with our community. We took the BBB’s Standards for Trust not as a checklist to clear, but as a blueprint to build to.
This is what accountability looks like in practice , not in a statement, but in the work.
The Result: BBB Accredited, Effective August 21, 2025
On August 21, 2025, SoLo Funds officially regained its BBB Accreditation.
That accreditation represents a commitment to eight standards that the Better Business Bureau holds all accredited businesses to: building trust, advertising honestly, telling the truth, being transparent, honoring promises, being responsive, safeguarding privacy, and embodying integrity.
We don’t see those as standards imposed on us. We see them as a description of who we are already working to be , every day, for every one of our 3 million members.
The accreditation is external verification that we got there.
Why This Matters: Trust Isn’t a Badge, It’s a Practice
At SoLo Funds, trust is the product. Full stop.
When a borrower steps up and asks their community for help, they are trusting that SoLo has built a system that will show up for them. When a lender funds that request, they are trusting that we have built something worth their investment. Every single transaction on our platform is an act of community trust , and we take that personally.
Losing our BBB accreditation during the Synapse fallout was a wake-up call , not about our mission, but about our infrastructure. The work we did to earn it back made us operationally stronger. The processes we built, the systems we improved, the standards we held ourselves to , all of it makes SoLo a better, more reliable platform for the people who count on us.
And it wasn’t done in isolation. This accreditation was re-earned in the same window that we recertified as a Certified B Corp with a B Impact Score of 139.4 , nearly three times the industry median , and saw the CFPB lawsuit against us dismissed with full prejudice. Each of these milestones tells the same story: a company that went through fire, stayed committed to its mission, and came out built better than before.
A Word on the Synapse/Evolve Situation and the Broader Industry
The Synapse collapse was not just a SoLo problem. It was a reckoning for the entire fintech-banking partnership model.
When Synapse filed for bankruptcy, it exposed what happens when a backend infrastructure provider fails and there is no clear accountability structure in place. Tens of thousands of everyday Americans , FedEx drivers, teachers, preschool owners , found themselves locked out of their savings with no clear path to recovery. That should never happen. Additionally, the industry , including regulators, banks, and fintech platforms , has a collective responsibility to ensure it doesn’t happen again.
SoLo’s response to that moment is part of who we are. We moved. We migrated. We rebuilt. Additionally, we came back stronger because our members , 71% of borrowers living in underserved ZIP codes , cannot afford for us to be anything less than reliable.
We owe them better. Additionally, we are delivering it.
Frequently Asked Questions
Is SoLo Funds BBB Accredited? Yes. SoLo Funds regained its BBB Accreditation, effective August 21, 2025. SoLo Funds is committed to upholding all BBB Standards for Trust.
Why did SoLo Funds lose its BBB Accreditation? SoLo Funds’ BBB accreditation was revoked in September 2024 as a result of disruption caused by the industry-wide collapse of Synapse Financial Technologies and its partner Evolve Bank & Trust , a crisis that impacted over 100 fintechs and an estimated 10 million end users across the country. The disruption created friction in SoLo’s member experience during a banking migration, which affected the company’s BBB rating.
What did SoLo Funds do to get its BBB Accreditation back? SoLo Funds completed a full migration of its banking infrastructure, rebuilt key operational processes, strengthened its customer support systems, and held itself to the BBB’s Standards for Trust across all aspects of the member experience. The accreditation was restored on August 21, 2025.
Is SoLo Funds a legitimate company? Yes. SoLo Funds is a legitimate, Certified B Corporation and one of the only lending fintech B Corps in the United States. The company has facilitated over $1.4 billion in transactions since its founding in 2018, serves 3 million members, and is BBB Accredited. A CFPB lawsuit against the company was dismissed with full prejudice in 2025.
What is the Synapse Financial Technologies collapse? Synapse Financial Technologies was a Banking-as-a-Service (BaaS) provider that filed for Chapter 11 bankruptcy in April 2024. Its collapse froze customer funds across dozens of fintech platforms, exposed a $96 million shortfall in customer deposits, and triggered widespread disruption across the fintech industry. The crisis led to significant regulatory scrutiny of fintech-bank partnerships and accelerated industry-wide infrastructure migrations, including SoLo Funds’ transition to a new banking partner.
What bank does SoLo Funds use? Banking services for SoLo Funds are provided by Bangor Savings Bank, Member FDIC.
We built SoLo for you , and we’re not stopping now. Join the community.
SoLo Funds is an AI-powered community banking solution providing unparalleled returns and access to capital for millions of Americans. Founded in 2018 by Travis Holoway and Rodney Williams, SoLo Funds pioneered a model of financial services that are equitable, empowering, and people-led. SoLo Funds, Inc. is a Certified Benefit Corporation and BBB Accredited. Banking services are provided by Bangor Savings Bank, Member FDIC.