Dovly, a Phoenix-based fintech startup, has announced a $3 million bridge funding to help the company support massive growth plans over the next six to 12 months.
To date, Dovly has seen significant momentum, with the company reporting year-over-year growth of 800%. The bridge funds will be used to help Dovly keep up with this progress. According to a statement by Dovly, the company has plans to implement hiring initiatives, invest in marketing and boost product development.
“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,” said Dovly Co-Founder and CEO Nirit Rubenstein.
The bridge round was funded by NFX, Phoenix-based Fawkes Global, 1984 Ventures and Croghan Investments. In June 2020, Dovly finished a $2.3 million seed round, also led by NFX. This brings the company’s total funding to $5.9 million so far.
Dovly is an automated repair engine designed to improve the financial health of its users by fixing consumer credit errors. The company emphasizes that the platform is more than simple credit monitoring. Instead, Dovly’s engine tracks, manages and fixes customers’ credit scores. According to the company’s website, two out of three people have errors on their credit report.
The platform seems to be addressing that issue. In addition to the company’s 800% year-over-year growth, Dovly reports an average credit score improvement of 54 points.
“Consumers have validated that our platform significantly helps improve their credit and access to capital,” Rubenstein said.
Dovly was founded in 2018 by Nirit Rubenstein, Tedis Baboumian and Michael Rubenstein.