- 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.
