Based on a vision to create a fundamentally new model for banking – one where we only make money when our customers do – dozens offers a current account, a smart budgeting tool, an investment manager, and cash rewards for good financial behaviour - all in one app.
How did the idea for the business originate?
With 60% of households having no emergency funds available, saving remains a huge problem in the UK, Europe and US.
Banks’ apathy and inability to use their customers’ data to help them save, dependence on credit products for profitability, and high cost structures mean consumers are rewarded more for spending than for saving. Dozens was created to make saving fun and rewarding, and to offer higher returns to everyone.
Do you have customers yet? If not, how far into your business lifecycle are you?
We have a waitlist of c.1,500 customers, since opening up to sign-ups in October 2018. In addition, we have an engaged community of 300 co-creators all over the UK, who we designed the proposition and the app experience with. The product is being tested with friends and family currently, and is expected to go beyond beta in January 2019.
How have you funded your growth to date?
We raised $5m in seed capital in Nov 2017, and an additional $3m in 2018.
What would a successful year ahead look like for you?
2018 was about getting set-up – we built the core team, got our own licenses (e-Money and MiFID), built our own tech stack, and designed and launched a full-featured app in record time.
2019 will be about getting to UK customers with this differentiated, returns-focused proposition, and taking the team and business, beyond the UK.
Outside of your own business, which start up do you admire the most and why?
Actually, two startups that have helped us massively this year have been CharlieHR and Pleo. Taking out the stress and time spent on administrative bits of growing a business like HR and Expense Management, they allowed us to spend more time on what we do best – working on our product. We are excited to see them team up to offer more exciting products in 2019.
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