Dovly, the fintech startup boosting the financial health of American consumers, today announced a $3 million bridge round funded by NFX, Fawkes Global, 1984 Ventures and Croghan Investments. This round brings Dovly's total funding to $5.9 million to date, after having raised $2.3 million in seed capital last June, led by NFX.
The round will help bridge Dovly's aggressive growth plans over the next six to 12 months, which include hiring initiatives, marketing investment and product development. Dovly is an automated repair engine that tracks, manages and fixes consumers' credit scores. To date, Dovly has seen year-over-year growth of 800 percent with an average credit score improvement of 54 points.
"Consumers have validated that our platform significantly helps improve their credit and access to capital," Dovly Co-Founder & CEO Nirit Rubenstein said. "This round of funding will help amplify our brand and provide access to more people in need of our technology, which aims to provide financial empowerment to consumers everywhere."
While many financial technologies monitor your credit, Dovly helps consumers fix errors, thereby increasing scores, improving loan terms and increasing consumers' ability to secure capital. Over 90 percent of Dovly members see their credit scores improve within six months.
Dovly's proprietary credit repair engine works by providing automated credit assessment, error identification, credit remediation and credit maintenance for members.
"Dovly is assembling the leadership and technology needed to solve unrelenting challenges of the credit ecosystem," said Lyrit Edmunds, Founder and General Partner of Fawkes Global. "The company is creating real, measurable value in the lives of its members and will continue to do so at scale -- exactly the kind of company we're looking to back in the wake of the COVID-19 pandemic."
Dovly was founded in 2018 and has established partnerships with multiple leading fintechs, including Chime, MoneyLion, Varo and Even Financial.