UK challenger bank Dozens gets £3.8m crowdfunding
“Our community has been at the heart of our operations and development since inception”
New challenger bank Dozens has secured £3.8 million in funding through a crowdfunding campaign on European investment platform Seedrs.
Dozens set their funding target on Seedrs at £3.5 million, but it 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 £10 million.
The capital raised will be used to fund further growth, 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 e-money licence and a MiFID Investment license, allowing the platform to offer proprietary financial products.
Around three months since app launch, Dozens says it already has over 12,000 downloads and more than 5,500 KYC completed account holders.
Founder and CEO Aritra Chakravarty says: “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.”
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.
