The London-based fintech wants to launch a business banking service and child accounts.
Dozens has raised £3.8m which the current account and investment app said it will use to fund new products and its banking license application.
The London-based business, launched in January, raised the cash on crowdfunding site Seedrs beating its original £3.5m target.
It managed to attract 2,156 investors from 42 countries, with this investment taking the firm’s total fundraising to £10m.
Dozens has over 5,500 account holders who use the service to see their spending, budgeting, saving and investing all in one place.
The fintech said it will use the cash to help develop new services such as business banking and child accounts. It added it will also use the funds to begin “the first phase of its banking licence application.”
The business is founded by Aritra Chakravarty (pictured), who left HSBC’s wealth management division in Hong Kong in 2017 after 13 years at the bank, which also saw him work in London and New York.
Chakravarty said: “We are delighted by the number of investors who have shown an interest in joining this community, and look forward to working with them closely in order to make Dozens the business we are confident it can be.”