New Smart Money App sync. Launched to Compete with Major Challenger Banks

LONDON, Aug. 25, 2020– sync. is aiming to become the first digital smart open banking app offering their easy-to-use financial services across Europe, promising to manage every aspect of a user’s financial life in one place.

sync. was created out of frustration with traditional banks and the niche offering of new challenger banks that are not responding to all the needs of the end customer.

The app aims to differ from major challenger banks by not specialising in one area, like money management, travel/currency exchange or payments. Instead, it’s an all-in-one service that supports users with all their financial needs.

Their ultimate goal is to help customers budget, manage and track their money, in one place, offering a unique user experience as a money management platform with tailored insights.

While they encourage users to keep their existing accounts with traditional banks, the sync. app will be a way to manage their entire financial life in one app.

It does this by leveraging Open Banking, allowing users to connect all their debit and credit accounts, loans and mortgages, alongside their own sync. X card, powered by Mastercard.

The app’s features will include creating and holding money in a GBP and/or EUR current account, opening 30+ currency accounts with immediate currency exchange, money transfers, debit card payments, and worldwide instant digital payments (Peer-to-Peer & QR code).

Security is a big focus for the start-up. They offer disposable online cards alongside the physical sync. X card. The security code (CVC number) is not printed on the physical card and can be changed an infinite number of times through the app, giving users an extra layer of protection if their details are stolen.

Ricky Lee, CEO and Founder of sync., said: “We are excited to open our app for users across Europe to test. We have been developing sync. for 18 months, and we are now ready to scale up and compete with the major challenger banks.”

sync. also recently announced it had closed a £5.5m funding round.

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Source- PR Newswire