Who is Dozens?
Dozens, an initiative by Project Imagine, has emerged in the digital banking market in the UK as a new solution that brings together several financial functionalities around saving, spending habits, and budgeting among others.
They don’t identify themselves as a new bank, instead, they are licensed as an e-money institution as well as an investing firm by the FCA, enabling them to offer both current/checking accounts as well as investment products.By providing customers with access to higher returns, and a complete overview of their money within one single app, Dozens helps consumers stay in control of their spending, grow their savings and invest all in one place.
Dozens launched its mobile app in January, and have started a crowdfunding round in March, which is already overfunding after hitting 100% of its funding target. The campaign is currently scheduled to close sometime in April.
What is Dozens offering in the Challenger Banking Apps sector?
How have Snowdrop helped Dozens?
Our solution, known as the Merchant Reconciliation System (MRS), harnesses the power of Google Maps as well as our own library of business rule to take raw transaction data and return cleansed merchant names, logos and location information.
Users also benefit from gaining location context around their spending helping them to further understand their habits and trends. Dozens has adopted this technology within the Spend section of the app. A mapped customer spending journey provides users with a view of where, how and when they spend at a glance.
What's next?
2019 looks promising for both companies, Dozens’ launch will bring a new challenger into the Fintech environment in the UK and MRS will establish itself as a core business product created for the merger of Location Intelligence and Fintech expertise.
