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In a recent development, Dutch start-up Dyme raises €600,000 in seed funding led by venture capital firm Peak Capital. The company is planning to utilise the fund to improve its innovative technology and to acquire its first 100,000 active users. Notably, this marks the first investment of Peak’s fourth fund, which is set to invest €66 million in total.
Last year, Dyme received a pre-seed investment from student investment fund ASIF and former ING CEO Hans van der Noordaa. For the uninitiated, Amsterdam-based 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.
Jacqueline van den Ende, Peak Capital-partner :
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. This platform was founded by David Knap, David Schogt, Joran Iedema, Wouter Florijn in 2018.
Joran Iedema, Dyme co-founder 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 further added:
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.