Dozens, the new challenger fintech, has partnered with ClearBank, the first new clearing bank in 250 years, for its banking as a service (BaaS) offering.
The partnership will allow Dozens to expand its already live current account offering with new functionality such as direct debits, IBAN numbers and more. Dozens has launched on UK app stores in early 2019 and already has thousands of customers using its current accounts and budgeting and saving tools.
Dozens was born out of a need to align business incentives with the customer’s financial wellbeing, and looks to take people on a journey from spender to saver to investor. The challenger is licenced both as an emoney firm and as an investment firm, offering current accounts and investment tools, all in one app.
ClearBank will provide Dozens with access to a range of API-based services, including seamless access to real-time payments services across BACS, CHAPS and Faster Payments 24 hours per day for 365 days per year. Dozens will also gain real-time account opening facilities through ClearBank’s world-leading API.
Dozens' innovative app, now partnered with ClearBank’s state-of-the-art technologies, provides consumers with a genuine, innovative and compelling alternative to manage their finances better.
Aritra Chakravarty, Founder and CEO of Dozens, said: “We are very excited to announce ClearBank as our primary agency bank. For the first time in 250 years we had a new clearing bank open in the UK, and Clearbank epitomises everything about challenging, rethinking and changing the financial services industry from scratch. Similarly, the team at Dozens is rethinking the banking business model from scratch, finally aligning the organisation’s profitability with the customer’s financial wellbeing, so it appears to be a great match.”
Charles McManus, CEO of ClearBank, added: “We are pleased to have been selected to partner with Dozens, supporting Aritra and the team in their work to rethink the norms of retail banking. Like Dozens, ClearBank was also purpose built, designed from scratch to avoid the constraints of legacy technology and provide new levels of customer standard. We look forward to working with Dozens as it continues to build its offering and customer base in the UK.”
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