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Dozens banks over £3.8m to be the new home for your money

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by Startacus Admin

Dozens raises over £3.8m
Challenger fintech Dozens announces that it has secured £3.8m in funding, thanks to a highly successful crowdfunding campaign on leading European investment platform Seedrs.

New challenger fintech Dozens has announced 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 Dozens raises over £3.8mlicense 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.”

Dozens was founded by Aritra Chakravarty who previously spent 13 years at HSBC, across London, New York and Hong Kong, in M&A, trading, strategy, private banking & Dozensdigital wealth management. Armed with £10m seed funding, Chakravarty and an unusually diverse team (Dozens is 65%+ women and 75%+ non-financial background) are looking to define the second generation of challengers.

Dozens is the first venture from Project Imagine, which aims to bring true innovation in financial services, alongside financial education for consumers. Prior to its most recent funding round, Project Imagine has launched Dozens with $8m in seed funding from Hong Kong-based STI Financial Group.

Interested in raising investment for your tech startup? 

Startacus are currently partnering with Seedrs - the equity crowdfunding platform with the industry's best funding success rate (74%) and who supported 186 businesses raise £195m in 2018. If you are currently at the stage of looking to raise investment, email and we can assess if you are a potential good match for an intro call with Seedrs. 

Investing carries risks, including loss of capital and illiquidity. 

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Published on: 1st May 2019

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