Former Monzo execs launch new fintech start-up Sync Savings
Sync Savings, a fintech start-up that aims to connect savings providers to more cost-effective technology and infrastructure, has launched in the UK.
The start-up was founded this year by Joss Tasker (CEO) and Alex Fox (COO), both of whom are former Monzo executives, previously serving as compliance director and business banking ops product partner, respectively.
Speaking to AltFi, the pair confirmed that the company has recently closed a pre-seed funding round – although the amount raised has not been disclosed.
The fintech is aiming to serve account providers, namely small and medium-sized banks and building societies, with an end-to-end savings infrastructure platform that will enable them to launch new products quickly and seriously compete with larger contenders.
Furthermore, it intends to extend the reach of its services to third-party providers through APIs, so that savings enjoy the same level of exposure as lending and payment capabilities.
Their pursuit of a less-costly savings market comes after the FCA published its damning review of the UK savings market earlier this month, which unearthed the £250 billion currently sitting idle in low-yield accounts and the disproportionate rate at which interest rate rises are being passed on to savers.