Dozens App


(Emma) #1

I’m 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 don’t know, I asked but my question wasn’t 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 you’ve deposited into a ring fenced account in case of default but then give the standard investment warning about the value may go down.

Anyone got any thoughts?


#2

I guess all the la-la with bonds is because they’re not authorised to take deposits and offer deposit/savings accounts, and that “equal to the amount” is their homebrew version of FSCS.

Dunno, it’s a bit thin on detail.


#3

It’s in the App Stores now.
dozens by Project Imagine Ltd


(Tommy Lowe) #4

No option to try again :unamused:


#5

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 :e-mail: address doesn’t work:


(Tommy Lowe) #6

Yep!

Same for me with the confirmation email, button doesn’t do anything. If I click contact us on my error page it force opens Apple mail, which I don’t use, so I can’t actually contact them :-1:t3:


#7

Interesting, it would have made more sense for them to release their app in TestFlight first as it doesn’t appear that their intention was for people to discover the app in the stores so soon before such bugs were ironed out.


(Tommy Lowe) #8

Bit of a confusing response. The app clearly tells me to try again, and like you said why is it published if it’s still in testing? :man_shrugging:t3:


#9

Do we know what Dozens’ business model is? As a consumer I’m liking their proposition (and the mock-ups of the app), but I’m not sure where their revenue stream (and hopefully profit) is coming from.

Any ideas?


(Ryan) #10

I have had the same problem as @tommy, and I cannot try and verify again.

Frustrating!


(Emma) #11

Nope. They aren’t very forthcoming with details so I’m not signing up


#12

Their website gives some indication, bearing in mind it’s early days:


#13

2/3 into this podcast interviewing the founder and it’s insightful - covers a lot of our questions so far on seed round funding, business model, the 5% interest, etc.
http://blog.lseaal.org/redesigning-personal-banking-podcast-dozens


#14

#15

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 £100 (or more) slices. Unclear whether they’re saying you’d definitely get 5% or you might get less in the case of eg bad debts.


#16

Sounds more like WiseAlpha to me.


(Big Boss) #17

Sounds like a CDO… Here’s world famous chef, Anthony Bourdain, to explain.


#18

@rod They receive a return of 7-9% and pass the 5% to you as fixed interest. They keep the remaining to cover costs.

@Diversify Agree…and even better in 2 aspects :sob: - they got FSCs protection up to £50k which WiseAlpha doesn’t offer. And also, if you want your money back early, you can sell all the bonds back to them anytime and no mention of fees? With WA, you have to sell your bonds to another user with a 0.25% fee dependent on available buyer.


#19

@justin Great film. And salute Bourdain.

@missponyta The bit I didn’t 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: “When 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.” So I give Dozens 100 and it puts 105 safely in a client account. Which also sounds a bit… weird.


(Alex Sherwood) #20

This is quite an important detail though

for the first £1 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

quote from here

after the first million, it’s unclear what protection users will have or if they’ll continue offering such an attractive rate.