Wednesday 1 May 2019 12:05 am

Former HSBC trader's fintech startup raises £3.8m from the crowd

Dozens, a challenger banking startup founded by a former trader from HSBC, closed a crowdfunding round of more than £3.8m on Seedrs yesterday.

The firm had initially set a target of £3.5m, but exceeded that amount with more than 2,150 investors in 42 countries.

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Dozens offers a current account and savings and investment tools to reward users for saving instead of spending. The round takes the startup’s total funding to £10m.

The funding will be used to power further growth initiatives, new product development, such as business banking and child accounts, and the first phase of its banking license application.

Dozens is currently authorised by the Financial Conduct Authority on an e-money licence and a Mifid investment license, allowing the platform to offer proprietary financial products.

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Founder and chief executive 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.”