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We will continue to update this page as we learn more and make progress toward unlocking transactions and investments.

Updates

May 17, 2024 - 2:15 ET
We have successfully started the distribution process for select users. Those getting distributions should see payments reflected in the Upright platform. We are continuing to work through distributions.

May 15, 2024 - 5:25 ET
We are finalizing the migration of payment information into our trusted ACH provider on the loan origination side for enabling distributions. As this is a new process, we are taking extra steps of diligence to ensure accurate data and distributions. We will update when all distributions have been initiated.

May 14, 2024 - 2:30 ET
We are pleased to confirm that our alternative payment distribution method is passing all quality control checks. We anticipate regular distributions to go out as scheduled on Wednesday, May 15 to any entity with an external bank account set as their payment destination.Our Investor Relations Team is reaching out to any investor who still needs to take action to adjust their default payment destination.

May 13, 2024 - 4:00 PM ET
We are continuing to work towards a solution to get distributions to investors on schedule. To accomplish this within the traditional timeline, we are leveraging an existing partner on the lending side to establish payment flows for investors. If your wallet is set as your default payment method our Investor Relations team will be reaching out to you to confirm your preferred external destination for disbursements.

May 10, 2024 - 5:18 PM ET
In order to ensure investor funds are directed as expected, we have temporarily removed the ability for investors to create an entity or deploy new funds into any offerings.


Synapse Impact on Investor Platform

We wanted to let you know that due to unfortunate circumstances with one of our payment processing partners, Synapse, our ACH processing capabilities are currently down. We expect this may cause delays to distributions and an inability to withdraw funds from Upright Accounts (wallet). Until we have more information and clarity of service level, we have proactively made the decision to temporarily halt any new investments into our offerings.

Our first priority is setting up a way to promptly get distributions directly to our investors as close to or on schedule as expected. Regardless of the status of Synapse, we maintain our own independent record keeping to manage investor funds. In addition, we are working to unlock access to moving account funds off of the platform. 

If your wallet is set as your default payment method we will be following up to confirm a new preferred destination.

In September of last year we became aware of concerns regarding our transaction partner, Synapse. We began a thorough investigation into our partnership and ultimately decided to pursue a redundant relationship with another partner to ensure uninterrupted high-quality service to our investors. Moving to a new partner is a long process of technology integration and compliance work, and even though we have been progressing diligently we are not fully ready to launch with our new partner.

In January we had the first impact to customers when our partner experienced ACH delays. Based on this, we accelerated our efforts. We have signed a contract and are diligently proceeding with technology integration and compliance alignment.

Even as we have explored a new partner, we have been in constant discussions with Synapse and their potential buyer, TabaPay. We remained hopeful for a quick resolution with no impact to our investors; however, we are now hearing that they have not been able to come to terms and are now expecting Synapse’s bankruptcy proceedings will begin to have service impacts. We now expect ramifications to the speed of redemptions and disbursements of investments, as well as limit access to funds in your Upright wallet. 

To clarify, Synapse functions as the transaction partner for Upright wallets and distributions, functioning as an intermediary in transactions, as well as the custodian of investor wallets. Invested dollars, if not currently deployed, are held by a separate bank. Therefore existing investments (and the underlying loans) will not be affected by any disruptions. We will continue to be able to rollover funds and ledger individual earnings and distributions; however, the flow of those distributions may be impacted in the short term.

Upright will continue to manage your funds and work to find both an immediate solution to granting you access to your funds and a long-term solution to the banking needs of our platform. 

It is our priority to earn and keep your confidence. As stated above, be assured that Upright will continue to manage your funds, ledger any and all earnings to our investors, and as possible process and initiate distributions to our valued investors.

Key Takeaways:

- Existing invested dollars are not affected, and earnings will continue to be calculated, ledgered, and assigned to investors.
- We have no reason to believe that your wallet funds are affected. We do anticipate delays in transfers and withdrawals.
- Until we have an alternate pass-through receiver, no new investment funds can be deployed.


FAQ

Are my funds invested at risk?
Deployed funds into any of our investment offerings are not affected. We believe wallet funds are secure; however, we believe there will be delays in accessing or transferring these funds.

How am I affected?
Investors will be unable to deploy additional funds into any offerings for the immediate future. We also anticipate that wallet fund transfers and distributions may be slightly delayed - our first priority is to resolve this.

When did Upright learn about this?
This has been a developing situation since September of last year, and Upright has remained in constant contact with Synapse as well as exploring other long-term partner replacements.

How do I change my default distribution account?
If your wallet is set as your default distribution location, we will be in contact with you to update to an external account.