Sync. secures FCA approval to bring more services in-house

By Oliver Smith on Wednesday 2 September 2020

Digital Banking

Now a registered electronic money, account information and payment initiation service provider.

Sync. secures FCA approval to bring more services in-house
Image source: Ricky Lee (second from right)/Splento.

Just a month after closing its £5.5m seed round, banking app sync. has secured its e-money and open banking licences from the Financial Conduct Authority.

The approval means that sync. can now develop more of its features in-house, rather than relying on the licences of its partners.

“We are so pleased to receive our own FCA licenses as it opens so many new doors for us. From working with new partners to increasing customer confidence, this will make a big difference for us as we scale up and release new features in the coming months,” said Ricky Lee, founder of sync.

Sync. combines a traditional account aggregation app with its own sync. account, Mastercard debit card, and EUR to GBP exchange.

Its debit card is particularly interesting, with an “invisible” magnetic strip so that sync. can use the whole back of the card.

As a result of the pared-back design, users have to generate a unique CVC code all from within the app as well as creating virtual cards for online shopping.  

In recent weeks sync. has announced partnerships with ComplyAdvantage, for its anti-money laundering and anti-fraud security, and TrueLayer, to enable its upcoming launch in Spain.

In early August, Lee told AltFi that sync. was already looking to raise its Series A funding round, and had over 37,000 registered users on the platform, a figure which has undoubtedly grown.

The fintech is also planning on expanding its EUR to GBP exchange to cover over 30 currencies, positioning sync. as both a financial management app as well as a great spending card for overseas travel.

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