Sync Savings: Revolutionizing the UK’s Cash Savings Market
Two former Monzo executives have launched a new fintech on a mission to fix the technology which underpins the UK’s broken cash savings market. Sync Savings aims to reduce the cost of serving savings customers for small and medium-sized banks and building societies in the UK. The company has closed its first pre-Seed round and is building a product suite to overhaul the savings infrastructure of banks.
Sync Savings CEO and co-founder, Joss Tasker, explained that their goal is to help smaller savings providers launch products quickly and provide a similar level of service as the largest UK banks. They aim to develop an end-to-end modern savings infrastructure platform that covers onboarding, account management, and customer service.
Another key aspect of Sync Savings’ solution is enabling API-based distribution of savings products. This would allow third parties, such as comparison websites or stock trading apps, to embed savings products into their platforms.
The UK’s cash savings market is currently facing challenges where £250 billion worth of retail savings are sitting in low-interest accounts, earning effectively nothing. Best-rate savings accounts often require complicated application processes, cutting off ordinary savers. Sync Savings aims to provide a solution by offering user-friendly and intuitive cash savings products.
Sync Savings is currently in talks with around 20 banks and building societies, with plans to announce their launch partner bank soon. The company believes there is a significant demand for high-quality cash savings products.
