By Aisling Finn on Wednesday 5 August 2020
sync. has already set its sights on European domination following the fundraise.
Open banking-focussed fintech sync. revealed yesterday that it had closed a £5.5m seed and pre-seed round.
The round, which was actually completed earlier on in 2020, will be used to grow the fintech’s employee numbers as well as bolster its beta launch across the European Economic Area.
sync. was initially due to launch in March this year, but was delayed by the coronavirus pandemic, but the fintech made use of the lost time and has been testing out its app on existing users ever since.
Ricky Lee, founder and CEO of sync., told AltFi: “We’ve basically built the product, now we just have to finalise the details.”
“More than anything, we need the money for growth. We currently have 31 employees, but we want to see that number closer to 60, or even higher, by the end of the year.”
Despite only just closing the round, Lee, who was previously the head of product design and strategy at Revolut, told AltFi: “We’ve only just closed this round but we’re already looking to do a Series A.”
sync. already has 37,000 registered users on the platform, a number which Lee hopes will grow quickly now that the product has launched to early access users.
The newest fintech on the block hopes to soon offer premium accounts, money management features and launching in over 30 currencies.
sync. Is currently based out of London with an additional office in Malaga, Spain but has plans to open more offices across Europe as it grows, setting its sights on Lithuania just like fellow digital banking service and former employer of CEO Lee, Revolut.
sync. also boasts a state-of-the-art card that, unlike other physical cards, doesn’t have a magnetic strip, rather the card has “invisible” technology that allows for the whole backside of the card to be utilised by the fintech.
As a result of the pared-back design, users of sync. have to generate a unique CVC code all from within the app as well as creating virtual cards for online shopping.
The new debit card is powered by Global Processing Services (GPS) following a partnership between the two firms that was announced last month.