Digital banking app, Dozens, has tapped up ClearBank to underpin its customers’ current accounts.
Under the deal, ClearBank will provide new account numbers and sort codes for Dozens. The challenger also gains access to Faster Payments through “a single API”.
Dozens aims to provide an all-in-one app for customers to see their spending, budgeting, saving and investing all a single place.
Aritra Chakravarty, Dozens CEO, says partnering with a clearing bank to become more agile was “paramount” to scaling its business.
“ClearBank is that perfect partner,” he adds. “It was also founded on the idea of challenging a sector left unchallenged for 250 years.
“As such, our company missions are in strong alignment looking at evolving the old banking model.”
Charles McManus, CEO at ClearBank, says that as fintechs evolve, so do their banking requirements.
He believes customers are demanding “more sophisticated functionalities” which means fintech must find a “flexible, technology-led banking partner.
McManus adds: “Helping fintechs grow is what we do best. We look forward to helping Dozens remain at the forefront of this banking industry shake-up and offer customers a better way to manage their money.”