Ex-Monzo founders raise seed round for UK payroll savings platform Sync

What's the deal? Sync SavingsDealroom has a profile for this one. Try Dealroom →, which bills itself as the UK's first dedicated payroll savings platform, has raised a seed round led by FinTech WalesDealroom has a profile for this one. Try Dealroom → chair Sarah Williams-GardenerDealroom has a profile for this one. Try Dealroom →. Backers include Angels Invest WalesDealroom has a profile for this one. Try Dealroom →, Araya VenturesDealroom has a profile for this one. Try Dealroom →, Rupa Popat, Fiona HowarthDealroom has a profile for this one. Try Dealroom →, and the Wales Angel Co-investment Fund.

What does it do? Founded in 2023 by former Monzo executives Joss Tasker and Alex Fox, Sync lets employers and payroll providers build saving into payday. Employees open a high-interest account through workplace benefits and set aside an agreed amount each payday — no standing order or manual transfer required.

What's the endgame? The company wants to close what it calls the UK savings gap by making regular saving as automatic as spending. Users can adjust contributions or withdraw at any time, keeping the system flexible.

Why now? Deposits through Sync have grown an average of 75% month-on-month over the past six months, with users up 60% month-on-month. It is scaling through partnerships with employers and payroll providers including IRIS Software GroupDealroom has a profile for this one. Try Dealroom → and the NHSDealroom has a profile for this one. Try Dealroom →.

What's the founder's case? "With the advent of instant credit decisioning, buy now, pay later and early wage access it has never been easier to get into debt," said chief executive Joss Tasker. He argues the barriers to saving are "complexity, friction, and apathy," not a shortage of products.

Tasker also points to a gender gap. Women hold 34% less in savings than men, according to Money.co.ukDealroom has a profile for this one. Try Dealroom → data, while the gender pensions gap stands at 19 years.

The signal: Sync is a founding member of the National Coalition for Workplace Savings, part of the government's Financial Inclusion Strategy. The bet is that payroll can do for savings what auto-enrolment did for pensions — turning a financial buffer into a routine part of employment. This round funds an expansion across the UK and Europe.

Image credit: Generated with Gemini