dozens, a “new banking and wealth management alternative,” has successfully secured its initial £3.5 million equity crowdfunding target on Seedrs. The funding round has attracted more than 1660 investors so far.
As previously reported, dozens describes itself as a new home for money, one that constantly helps users save and earn higher interest. It brings together a current account, a smart budgeting tool, and an investment manager in one app, along with cash rewards for good financial behavior.
“Banks’ inability to use their customer’s data to help them save and dependence on credit products for profitability mean consumers are rewarded more for spending than for saving. Dozens was created to make saving easier and more rewarding for all, and is founded on a fundamentally new business model; we only make money when our customers do. With a full featured app at launch, Dozens has created a new home for your money. It brings together a current account, a smart budgeting tool, and a savings and investment manager – all in one app.”
dozens is also a trading name of Project Imagine, which has previously raised $8 million in funding, received two licenses from the FCA and is live on app stores. £2.5 million of this round has already been raised from existing shareholders, including STIFG. Funds from the Seedrs round will be used for initiatives for dozens, new product (financial + digital) development and the first phase of the banking license application.
The funding round is set to close later this spring.
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