- Launch and Founders:
- Sync Savings is a UK-based start-up founded by former Monzo chiefs, CEO Joss Tasker and COO Alex Fox.
- The company aims to provide banks, building societies, and credit unions with infrastructure to embed savings accounts into third-party channels.
- The start-up will launch next month, backed by a six-figure friends and family funding round and the Lloyds Launch programme.
- Target Market and Problem Addressed:
- Sync Savings addresses the issue of low savings rates among UK adults (25% of adults have zero savings) and the high customer acquisition costs faced by non-high street banks.
- The platform aims to embed savings accounts into “uncontested channels,” reaching customers at the moment they are considering opening a savings account.
- Technology and Features:
- Sync Savings offers APIs that support the full embedded savings lifecycle, including onboarding, payments, and compliance reporting.
- Customers can either use the APIs to design their own user-centric journey or embed Sync Savings’ SDK for a low-code solution optimized for automated payroll savings.
- Partnerships:
- UK digital bank Griffin is one of the first partner banks to sign on with Sync Savings, leveraging their core infrastructure to deliver tailored savings products.
- Future Plans and Initiatives:
- Post-launch, Sync Savings plans to run a “save now, pay later” pilot with a large retailer, marking a UK first.
- The company is also exploring use cases like integrating savings accounts into apps that help users build credit scores.
- Mission and Goals:
- The mission of Sync Savings is to help people build strong savings habits and make financial security accessible to all. Each product and partnership decision is driven by this goal.
UK start-up Sync Savings to make market debut next month
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