Sync. signs deal with Railsbank to power premium accounts
Smart banking app sync. has signed a deal with Railsbank to power its systems with the latter’s Banking-as-a-Service (BaaS) platform.
UK-based sync. aims to help customers budget, manage and track their money in one place. It claims to offer a “unique experience” through tailored insights made possible through open banking.
The app’s features include a digital wallet, currency exchange, transfers, cards, budgeting, and “instant” payments. It plans to launch premium accounts in 2021.
Its card features an invisible strip, allowing users to change their CVC security code repeatedly. Users can also create disposable cards for one-off purchases.
“Railsbank gives us the basics we need to enable massive growth in 2021,” says sync. CEO Ricky Lee.
“Their tried and tested platform is the solid base from which we can launch our premium accounts. advanced budgeting features and so much more this year.”
The fintech raised $5.5 million in a seed funding round last year. Lee said at the time his firm planned expansion from 30 to 60 people, and that the fintech needed capital to grow.
Louisa Murray, Railsbank UK chief operating officer, calls sync. “one of the most innovative apps we have on our platform”.
She adds: “Its ambitions reflect our approach to financial services, as it sets out to make using and controlling your money an easy and painless process.”
Railsbank, based in the UK, nabbed its own funding at the tail end of 2020. It picked up $37 million in equity funding to power a push into the US credit market.