London-based bank Dozens about to launch
Dozens, the London-based challenger bank previously under the name of Project Imagine, has already opened up its waitlist for its first batches of customers in preparation for its launch.
Dozens defines itself as a “second generation digital bank”, and aims to be a wealth management alternative from the get-go.
On its site, it claims to provide “accessible financial future for all”, and that is “built on a keen interest in people and their behaviour, not numbers and stats”.
The bank says it will combine original finance and tech solutions to help people save and grow their money, rather than just enhance usability.
“We’re changing the fundamental model of banking. Our income as a business is directly linked to the returns we create for you. We keep a smaller share and pass on the majority to you. Unlike most banks, we are not looking to make money from things like overdrafts, but by helping you save, invest and grow your money,” the updated website reads.
The bank is led and was founded by Aritra Chakravarty, who comes from HSBC. He worked in mergers and acquisition, wealth and private branches, as the global head of digital FX and investment products.
Dozens will be in direct competition with fully digital banks such as Starling, Monzo or Atom.
“We want to be a mix of Monzo, Nutmeg and Moneybox, all in one, which means a digital current account, savings and investment all in one, with heavy focus on personal finance management (PFM),” Chakravarty told FinTech Futures back in June. “We want to encourage savings and money management, and help people get out of the overdraft/over-spending loop – hence we will offer 3.14% in deposits from the start.”
The site says it offers “a bond with 5% p.a. interest on your savings”.
According to the CEO, the bank will launch in Q4 this year with an e-money licence and will be looking to acquire a banking licence some time in 2020.
If you look at the firm’s LinkedIn, it has already started advertising on double-deckers.
With so many new entrants trying to muscle into the UK banking sector, we have put together a comprehensive list of the known challengers to date and the technology they are using.
