London-based Open Banking App Sync. went into administration, with Trusolv Business Recovery being appointed co-administrator on September 2, 2022.
During synchronization. appears to still be in business and continues to be authorized and regulated by the UK’s Financial Conduct Authority (FCA), the company’s affairs, business and property are now managed under the auspices of Trusolv.
UK based synchronization. was set up to help users budget, manage, and track their money in one place. It claims to offer a “one-stop experience” through personalized insights made possible through open banking.
The app’s features include a digital wallet, currency exchange, transfers, maps, budgeting and “instant” payments.
Its card features an invisible band, allowing users to change their CVC security code multiple times. Users can also create disposable cards for one-time purchases.
The company had big plans, partnering with TrueLayer and successfully completing a first funding round, raising £5.5m, in August 2020 with plans to double the size of its workforce from 30 to 60 people. .
The company 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 foundation 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 startup said it used the lost time to test its app before moving to a beta version in August 2020.