Fintech startup secures over £3m funding with Seedrs

New challenger fintech Dozens has secured £3.8m in funding due to a successful crowdfunding campaign on Seedrs.

Dozens set its funding target on Seedrs at £3.5m, however the company exceeded its goal bringing onboard 2,156 investors, from across 42 countries.

Project Imagine, the parent of Dozens, had raised $8m prior to this round, taking its total funding to £10m.

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.”

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 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 already has over 12,000 downloads and more than 5,500 KYC completed account holders.