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Open banking app Sync. goes into administration

Open banking app Sync. goes into administration

Sync., the UK open banking app founded by a former Revolut executive, has gone into administration.

In a statement on its site, Sync. says that Shane Biddlecombe and Gordon Johnston of Trusolv Business Recovery were appointed as joint administrators on the 2nd of September.

The firm, which raised £5.5 million in seed funding in 2020, continues to be authorised and regulated by the FCA.

Founded by former Revolut head of product design and strategy Ricky Lee, Sync. branded itself as the "World's First SmartBank", offering a multicurrency bank account aggregation and personal financial management service.

Users could exchange currencies between their accounts and transfer money worldwide, and tap into a range of smart budgeting and spending features and in-app marketplace of third party services.

The app went into beta with 37,000 people in 2020 but failed to make it to a full launch.

Prior to joining Revolut as one of the founding team, Lee headed up the UX/UI new look and feel of Lloyds Bank after seeing through the separation from Lloyds TSB to Lloyds Bank and TSB as two independent banks.

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