Sync. picks Railsbank to help power its app

By Aisling Finn on Thursday 28 January 2021

Digital Banking

The new partnership will also help sync. gear up for the launch of its premium accounts later on this year. 

Sync. picks Railsbank to help power its app
Image source: Ricky Lee/sync.

Digital banking app sync. has selected Railsbank to help power its open banking-powered app.

The banking-as-a-service (BaaS) provider will provide sync. with the digital infrastructure needed to power its app, which helps customers budget, manage and track their money in one place. 

Louisa Murray, COO of Railsbank in the UK and Europe, said: “This is certainly one of the most innovative apps we have on our platform and we are delighted to have sync. as a customer.”

“Its ambitions reflect our approach to financial services, as it sets out to make using and controlling your money an easy and painless process, in short, to empower the financial consumer.”

sync.’s app also allows customers to create both GBP and Euro accounts, exchange currency, transfer money, make debit card payments, budget and make instant worldwide digital payments. 

Ricky Lee, CEO and co-founder of sync., added: "Railsbank gives us the basics we need to enable massive growth in 2021.”

“Their tried and tested platform is the solid base from which we can launch our premium accounts, advanced budgeting features and so much more this year. Plus, it will allow our customers to seamlessly manage their day to day banking with instant transfers, spending insights and holding money in GBP and EUR accounts."

Following a strong 2020, sync. has already made its first venture abroad in 2021, launching in Lithuania and Germany earlier on this month with the help of another fintech, TrueLayer. 

Through TrueLayer, sync. has already launched in several European countries, including France, Ireland and Spain, with the fintech also laying the groundwork in the Middle East after joining the first-ever Qatar Fintech Accelerator programme in October. 

At the beginning of September, just a month shy of its funding announcement, sync. received its e-money and open banking licences from the Financial Conduct Authority.

Railsbank also had an exciting 2020, agreeing to purchase the technology and assets of Wirecard Card Solution, the UK arm of Germany’s Wirecard, for an undisclosed amount.

The deal, first reported in mid-August, came just months after the collapse of the German payment processor following a €1.9bn black hole on its balance sheet was discovered.

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