Dozens, a UK challenger banking app, is shuttering its consumer operations due to what they argue has been the “domino effect” of Covid induced funding constraints. Dozens was a budgeting and analytics app that users could use to save and invest money more effectively. The company estimates that 60,000 people use the app, and it has secured £28 million from Hong Kong-based investors in addition to a £3.5 million Seedrs crowdfunding round. Customers were advised of the company’s decision to close its doors in June, offering them two months to transfer their funds to a different supplier. The fintech firm claims it will refocus its efforts on establishing a B2B user base model.
Fintech Challenger Dozens Shuts Up Shop