Dozens - the fintech app embracing savings not debt

by Startacus Admin

Dozens, an everyday bank account, a savings ally, a money manager, a financially savvy friend - all in one app, is on a mission to make saving easier and more rewarding for all and they have onboarded over 1000 customer within just two weeks of its app launch.
Traditionally, banks have relied on customer debt for profit – this is something not even the ‘challenger banks’ have questioned.
Step forward dozens, which is aiming to flip this longstanding business model on its head. For too long, banks have made money from individuals struggling financially with overdrafts and loans, or monetising through customers’ data by offering existing financial products from other banks on a digital platform.
Founded by Aritra Chakravarty who previously spent 13 years at HSBC, dozens’ vision is to create an equitable and financially-savvy world, by providing simple, digital access to financial literacy, and opening up sophisticated products previously earmarked for smaller segments of the market. By providing customers with access to higher returns, and a complete overview of their money within one single app, dozens will help consumers to stay in control of their spending, grow their savings and invest all in one place.
And it seems they could be onto something as they have onboarded over 1000 customer within just two weeks of its app launch.
dozens only makes a return on its savings products, and promises to always pass the larger cut on. Even for its investment portfolios, dozens only charges a fee when the value of a customer’s investment is higher than what they initially put in.
The app itself has been designed to re-engage its users with their money through features such as saving through roundups and other automated rules (‘save for a sunny holiday every time it rains in London’). The smart budgeting tool updates customers’ remaining weekly budget based on their daily spend. Furthermore, it will reward its users for financially responsible behaviour such as staying within the weekly budget by entering them into a draw for cash prizes.
A real point of difference for the app is that it lets you see your money across spending, savings and investment buckets in one consolidated home screen – something the company captures through its goal to position itself as ‘the new home for your money’.
Founder and CEO Aritra Chakravarty said:
Challenger banks have done a great job of improving user experience and using technology innovatively, but what I see lacking is any innovation on the actual financial service. If it were any other industry, improving value would not just be customer experience, it would be about what you get for the price you pay. In banking price is effectively what interest rate customers get for their savings versus what they pay for their loans.
In order to support the rollout of the app, dozens is also announcing plans for a fundraising campaign as part of its Series A investment round on leading European equity crowdfunding platform, Seedrs.
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 alastair@startacus.net 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.
Interested in reading about other fintech startups? You might want to read up on:
Automotive fintech, AI and data company Cazana
Mojo Mortgages - mortgages made easy
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Got a business in the manufacturing sector? These tips on how you can reduce energy costs while being more sustainable are well worth a read...

Innovative InsurTech startup SureIn announces a €4M Seed round to further its mission of making insurance easy, transparent and hassle-free for SMBs.

Nassia Skoulikariti, Director of IoT Programmes, Mobile Ecosystem Forum shares some insights on how IoT is having a significant impact on all our lives.

Roger James Hamilton, Founder and CEO of Genius Group, a world-leading entrepreneur Edtech and education group, discusses how introducing a globalized curriculum will help better prepare students.

SuperFi, the debt prevention platform, has announced a $1m pre-seed funding round to support people during the cost of living crisis.

41 startups from 13 countries, including the UK, have been selected for the 8th Kickstart Innovation program, one of Europe’s leading innovation platforms.

Personal training platform Another Round has secured £300k in its latest fundraise, including investment from angels and its community.

Thingtrax Secures £4.3M to Empower Manufacturers to Build the Factories of the Future

A measure of inflation relief for small firms sees transport costs fall but service price increases remain elevated

Bedfordshire-based HR tech startup HR DataHub has built a range of tools for HR departments
Published on: 4th February 2019
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.







- SureIn Secures €4M to Close the SMB Insurance Gap 15th Aug 2023 Innovative InsurTech startup SureIn announces a €4M Seed round to further its mission of making insurance easy, transparent and hassle-free for SMBs.
- SuperFi raises $1M pre-seed funding round 28th Jul 2023 SuperFi, the debt prevention platform, has announced a $1m pre-seed funding round to support people during the cost of living crisis.
- Startups rely on AI & sustainability for new partnerships 27th Jul 2023 41 startups from 13 countries, including the UK, have been selected for the 8th Kickstart Innovation program, one of Europe’s leading innovation platforms.
- Another Round closes £300k Seed round to revolutionise personal training 21st Jul 2023 Personal training platform Another Round has secured £300k in its latest fundraise, including investment from angels and its community.