▪ Dutch fintech start-up Dyme receives a EUR 600.000 seed round led by Peak
▪ Dyme uses machine learning techniques to give consumers an overview of their finances, savings tips, and legal advice
Amsterdam, August 27th 2019 – Less than 1.5 years after its inception, Dutch start-up Dyme raises EUR 600,000 in seed funding from venture capital firm Peak. This marks the first investment of Peak’s fourth fund, that is set to invest 66 million euros in total. With the new funds, Dyme aims to further improve its innovative technology, and to acquire its first 100,000 active users.
Dyme lets users connect their bank accounts and provides a clear overview of their finances. The app automatically detects subscriptions and hidden fees, and enables users to cancel or change any contract with a single click. Peak-partner Jacqueline van den Ende: “Dyme makes clever use of the new EU-level PSD2 legislation by providing actionable insights. After Dyme detects a savings opportunity its users can implement the proposed change with a single click.” In order to process financial data in the European union, Dyme is applying for a PSD2 license with the Dutch Central Bank. The Dutch Central Bank is currently evaluating Dyme’s license application.
Better financial decisions
Dyme’s technologies are aimed at improving people’s financial situation. Dyme co-founder Joran Iedema states: ‘We feel that a solution is desperately needed, as people engage in an increasing number of micro card-transactions. As a result, people’s bank statements are cluttered and they often overlook larger subscription charges.” A market study conducted by Dyme shows that this ‘clutter’ may cause a lack of overview, late payments, and even debt for many consumers. Joran Iedema: “subscription providers skilfully make use of this development. As a result, the average consumer pays about 50 euros per month for unwanted, automatically renewed subscriptions.”
Last year, Dyme received a pre-seed investment from student investment fund ASIF and former ING CEO Hans van der Noordaa. The current Seed round is led by Peak IV. Innovatiefonds Noord-Holland joined the round as a co-investor.
More information about Dyme can be found at https://dyme.app
The Dyme app can be downloaded for free and is available on IOS and Android