Iâm on the waiting list for dozens (because I need to be on 2 lists at all times).
They bill themselves as an everyday account, savings account and money manager offering 3.14% on the everyday account and 5% on the savings. E money license at the moment, aim to apply for a banking license in 2020.
If all this is sounding like similar to what robinhood were offering last week, and a money market fund, then I donât know, I asked but my question wasnât answered. So I assume it is.
The savings is a bond and is a bit confusing. They say they place an equal amount to that which youâve deposited into a ring fenced account in case of default but then give the standard investment warning about the value may go down.
I guess all the la-la with bonds is because theyâre not authorised to take deposits and offer deposit/savings accounts, and that âequal to the amountâ is their homebrew version of FSCS.
Unlucky, but presents an opportunity to test their customer support!
My registration seems to have gone okay (took multiple retakes of my ID just go be on safe side) with only issue being that the hyperlink to confirm email address doesnât work:
Same for me with the confirmation email, button doesnât do anything. If I click contact us on my error page it force opens Apple mail, which I donât use, so I canât actually contact them
Interesting, it would have made more sense for them to release their app in TestFlight first as it doesnât appear that their intention was for people to discover the app in the stores so soon before such bugs were ironed out.
Do we know what Dozensâ business model is? As a consumer Iâm liking their proposition (and the mock-ups of the app), but Iâm not sure where their revenue stream (and hopefully profit) is coming from.
So it sounds a bit like Funding Circle. If I have understood, the bonds package up 7-9% loans to businesses in other countries, and then sell them to investors in ÂŁ100 (or more) slices. Unclear whether theyâre saying youâd definitely get 5% or you might get less in the case of eg bad debts.
@missponyta The bit I didnât see an explanation of was if their debt book falls over, they eat that and still pay you 5%? I guess so. Oh, this is from the bottom of the website: âWhen investing in a bond, dozens will place an amount of money equal to the amount you invested plus interest in a trustee-controlled separate account. This amount is held on your behalf, and would be used to pay you in the event of any default.â So I give Dozens 100 and it puts 105 safely in a client account. Which also sounds a bit⊠weird.
for the first ÂŁ1 million bonds sold we will place an amount of money equal to the amount you invested plus the full 12-months interest, in a separate trustee-controlled account held on your behalf in case of any default
Still not 100% sure about this but I have a lot of reading to catch up on around it. Have been put down as a beta tester tho (coz testing Fintech seems to be my speciality) so iâll feedback when iâve used it
address doesnât work:
