# Evolve Bank & Trust

**Type:** Banking partner for fintech platforms  
**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 Issues

Evolve has three documented compliance failures:
1. **Synapse Bankruptcy (2024):** $96M in unlocated consumer deposits from Evolve-partnered fintech
2. **Federal Reserve Enforcement:** AML/compliance deficiencies
3. **Data Breach:** Dark web exposure of customer data

## Timeline

- **2024** — Entangled in Synapse bankruptcy with $96M unlocated consumer deposits
- **2024** — Subject to Federal Reserve enforcement action for AML/compliance deficiencies
- **2024** — Dark web data breach of customer data
- **2026-03-23** — Cited in Senator Warren's letter to Beast Industries as regulatory risk for Step acquisition