# Evolve Bank & Trust

**Type:** Banking institution (fintech partner)
**Status:** Active, under regulatory scrutiny

## Overview

Evolve Bank & Trust serves as banking partner for multiple fintech platforms, including Step (acquired by Beast Industries in 2026).

## Compliance History

Evolve has three documented compliance failures:

1. **Synapse Bankruptcy (2024):** Entangled in bankruptcy resulting in $96M in unlocated consumer deposits
2. **Federal Reserve Enforcement:** Subject to Fed enforcement action for AML/compliance deficiencies
3. **Data Breach:** Experienced dark web data breach exposing customer data

These issues became focal point of Senator Warren's March 2026 scrutiny of Beast Industries' Step acquisition.

## Timeline

- **2024** — Synapse bankruptcy, $96M in unlocated consumer deposits
- **2024** — Federal Reserve enforcement action for AML/compliance deficiencies
- **2024** — Dark web data breach of customer data
- **2026** — Banking partner for Step (Beast Industries acquisition)