Ex-Monzo Execs’ Sync Savings Secures Funding and Establishes Welsh HQ

Payroll savings platform Sync Savings has completed a new funding round, following the fintech’s move to establish its headquarters in Cardiff.

Founded by former Monzo executives Joss Tasker and Alex Fox, Sync Savings was built in Wales and recently made its Welsh presence official by moving its headquarters to West Bute House in Cardiff.

The latest funding round has been backed by investors including FinTech Wales Chair Sarah Williams-Gardener OBE, Angels Invest Wales, Arāya Ventures founder Rupa Popat and Fiona Howarth, CEO and Founder of Octopus Electric Vehicles.

Sync Savings was founded after Tasker and Fox identified a gap in the UK savings market where consumers were being underserved.

Joss Tasker, Founder and CEO of Sync Savings, said: “With the advent of instant credit decisioning, buy now, pay later and early wage access it has never been easier to get into debt and yet something as fundamental as opening a regular savings account remains fraught with friction and complexity.”

The platform enables employees to open high-interest savings accounts through their workplace benefits or payroll platform, allowing them to change their contributions and access their savings.

Sync Savings has been working with payroll providers including IRIS Software Group and the NHS. The company has also announced a partnership with IRIS Staffology to integrate its workplace savings technology with payroll.

Over the past six months, savings deposits through the platform have grown by an average of 75% month-on-month, while users have increased by 60% month-on-month.

Sarah Williams-Gardener, Chair of FinTech Wales and an investor in Sync Savings, commented: “Sync is tackling a very real problem: too many people want to save but find it difficult to make saving a consistent part of everyday life. Making savings part of the payroll journey is a simple but powerful idea, and one that has the potential to make a meaningful difference to financial resilience and inclusion.

“Joss and Alex have built a compelling proposition, and I’m delighted to support them as they scale.”

Tasker also highlighted the savings gap facing women and the wider importance of helping people establish regular saving habits.

Tasker added: “The savings gap is particularly stark for women, and the barriers aren’t simply about financial literacy or willpower. According to Money.co.uk data, women hold 34% less in savings than men. This disparity also extends into retirement, with the gender pensions gap has reached 19 years, meaning women have to work 19 extra years for pension parity.

“We are so passionate about getting people saving, as we can see the positive impact that putting money away has every day. People who regularly save have 70% lower odds of falling behind with bills than non-savers. We want to make saving easy; we want to give people access to high-interest cash savings without the complications, offering people a financial buffer before they need one and a route to wealth building over time.”

Sync Savings is a founding member of the National Coalition for Workplace Savings, and is part of the Government’s Financial Inclusion Strategy to drive workplace savings schemes and support financial wellbeing.

Rupa Popat, Founder and Managing Partner at Arāya Ventures, said: “Financial resilience shouldn’t be a privilege reserved for those who already have savings habits and safety nets. It should be built into the everyday systems people already trust, like payroll.

“Sync is making long-term financial security automatic rather than aspirational, embedding better financial outcomes into the way people already live and work. We believe this has the potential to become an important piece of financial infrastructure, with significant impact at scale. We’re proud to back Joss, Alex and the Sync team as they build the category.”

The funding round represents another milestone for the Cardiff-headquartered fintech as it continues to grow its payroll savings proposition and work to make saving a more accessible part of everyday financial life.

Find out more on the Sync Savings website or view Joss Tasker’s funding announcement on LinkedIn.