Sync., the UK open banking app founded by a former Revolut executive, has entered administration.
In a statement on its website, Sync. announced that Shane Biddlecombe and Gordon Johnston of Trusolv Business Recovery were appointed as joint administrators on September 2nd.
The company, which secured £5.5 million in seed funding in 2020, remains authorized and regulated by the Financial Conduct Authority (FCA).
Founded by Ricky Lee, the former head of product design and strategy at Revolut, Sync. positioned itself as the “World’s First SmartBank,” providing a multicurrency bank account aggregation and personal financial management service.
Users had the ability to exchange currencies between accounts, transfer money internationally, and utilize a variety of smart budgeting and spending features, as well as an in-app marketplace of third-party services.
The app entered beta in 2020 with 37,000 users but did not proceed to a full launch.
Before joining Revolut, Lee played a key role in revitalizing the UX/UI design of Lloyds Bank during its transition from Lloyds TSB to two independent entities, Lloyds Bank and TSB.