Dozens isn’t strictly a bank, but they are authorised by the Financial Conduct Authority (FCA) as an e-money institution (FRN 900894) and also as an investment firm (FRN 814281). Based in London, the Dozens team has launched an app that is available to download from the app stores in the UK.
Dozens was founded by Aritra Chakravarty, formerly global head of digital FX and investment products at HSBC.
Dozens Products and Services
Dozens plans to offer a digital current account plus savings and investment services, helping people to save and grow their money. The app is designed to help customers understand where, why and how they spend so that they can then stay on the savings track with customised budgeting functionality that adapts to daily spending.
The Dozens app will also help facilitate customer savings by allowing them to add their own rules, such as ‘save £5 every Wednesday’ or similar. Customers are also rewarded for hitting their financial targets by being entered into the monthly Savers Awards, where they can win cash prizes.
Dozens also plans to offer investment functionality in-app. The planned bond account will pay 5% interest per annum.
Current account monies will be held in named accounts at a to-be-announced high street bank. These monies are held in accordance with the Electronic Money Regulations 2011 and the requirements of the Financial Conduct Authority (FCA).