Ex-Monzo executives, Joss Tasker and Alex Fox, have marked the inception of their latest FinTech venture, Sync Savings. The dynamic duo is setting out to address challenges faced by the UK’s cash savings sector, a market that has been in need of innovation for a considerable period.
The recent accomplishment of Sync Savings lies in successfully concluding their first pre-Seed funding round, according to a report from altfi. Esteemed angel investors such as Charlie Delingpole, Mark Ransford, Phil Chambers, and Michael Tefula, have shown faith in the venture by offering their financial support.
Delving deeper into the purpose of Sync Savings, the firm aims to optimise and reduce the cost of serving savings customers, primarily targeting small to medium-sized banks and building societies within the UK. This endeavour is geared towards the enhancement of the entire savings infrastructure, a sentiment echoed by the recent FCA scrutiny of the sector.
With the new influx of funds, Sync Savings plans to create a comprehensive savings platform. This platform intends to expedite the process for smaller savings providers, allowing them to roll out products swiftly, matching the service standards set by the UK’s top-tier banks.
Further innovation is seen in their aspirations to facilitate API-based distribution for these savings products. This initiative could make it feasible for third-party platforms, such as comparison sites or stock trading apps, to seamlessly incorporate savings, much like the integration of lending and payment systems in the present.
Reflecting on the current scenario, Sync Savings CEO Joss Tasker noted, “The situation we’re in today is that you have lots of money management apps and stock brokers which don’t always give customers the option for cash savings.”
With an optimistic outlook, Tasker and her team are gearing up for the announcement of their debut partner bank. They are currently in discussions with nearly 20 banks and building societies in the UK, with Tasker highlighting, “There’s so much pent-up demand for good quality intuitive cash savings products.”
Previously, both Tasker and Fox held prominent positions at Octopus Group and Monzo. Tasker’s expertise was evident in her role as head of compliance, while Fox spearheaded customer operations for Monzo’s business bank account.
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