London-based open banking app sync. has gone into administration, with Trusolv Business Recovery appointed as joint administrators on 2 September 2022.
While sync. appears to be still operating and continues to be authorised and regulated by the UK’s Financial Conduct Authority (FCA), the firm’s affairs, business and property are now managed under the auspices of Trusolv.
UK-based sync. was set up to help users 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.
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.
The firm had big plans, partnering with TrueLayer and successfully completing an initial funding round, raising £5.5 million, in August 2020 with plans to double the size of its workforce from 30 to 60 people.
The firm also partnered with Railsr, formerly Railsbank, in February last year, to power its systems with the latter’s Banking-as-a-Service (BaaS) platform.
“Railsbank gives us the basics we need to enable massive growth in 2021,” sync. CEO Ricky Lee said at the time.
The company had planned a March 2020 launch, but the coronavirus pandemic pushed the date back. The start-up said it used the lost time to test its app before moving into a beta in August 2020.