Sync.Money UK – administration

Sync.Money UK, the company behind sync., the UK open banking app founded by former Revolut executive Ricky Lee, entered administration on 2 September. While the company continues to be authorised and regulated by the FCA, its affairs are being managed by the Joint Administrators. The company completed an initial funding round, raising £5.5 million in August 2020, and had plans to double the size of its workforce from 30 to 60 people. No details regarding the causes of its insolvency have been released at this time. Shane Biddlecombe and Gordon Johnston of Trusolv Business Recovery were appointed as Joint Administrators.