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New bank on the block Dozens raises £3.8 million on Seedrs

Source: Dozens

New challenger fintech Dozens today announces that it has secured £3,8m in funding, thanks to a highly successful crowdfunding campaign on leading European investment platform Seedrs.

Dozens set their funding target on Seedrs at £3.5 million, however the Company exceeded its goal bringing onboard 2,156 investors from across 42 countries. Project Imagine, the parent of Dozens, has already raised $8 million prior to this round, taking their total funding to £10m.

The capital raised will be used to fund further growth initiatives, new product development, such as business banking and child accounts, and the first phase of its banking license application. Prior to its app launch in January 2019, Dozens had already secured both a full emoney licence and a MiFID Investment license, allowing the platform to offer proprietary financial products. Around three months since app launch, Dozens already has over 12,000 downloads and more than 5,500 KYC completed account holders.

With a recent study conducted by Dozens, YouGov and Seedrs showing that 71% of UK adults have no investment products (e.g. stocks and shares or bonds), Dozens is looking to help people with managing their finances by providing an all-in-one app allowing customers to see their spending, budgeting, saving and investing all in one place.

By providing customers with simple, digital access to financial literacy, and opening up sophisticated products previously earmarked for wealthier segments of the market, Dozens looks to take people on a journey from spender to saver to investor. It has aligned its business model to how much customers save and invest, rather than relying on their debt or overdrafts for profit. Dozens in the future aims to take its services to segments that do not use apps by rethinking branches and distribution models.

Founder and CEO Aritra Chakravarty said: “Dozens was born out of a need to align business incentives with the customer’s financial wellbeing, and as a result our community has been at the heart of our operations and development since inception. We are delighted by the number of investors who have shown an interest in joining this community, and look forward to working with them closely in order to make Dozens the business we are confident it can be.”

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