Every single bid was accepted in the October issuance. Both the number of bids, and the total amount bid were lower than the September issuance, despite the value in offer being 10x more this time.
Everyone significantly underbid, even the lucky bastard who managed to get £30,000 accepted.
They need another way of allocating the bonds. I’m not a big fan of the uncertainty, but I do like how it prioritizes small bids. If you have 20,000 customers, and fewer than 500 bids for your flagship product, something is amiss.
The November issuance of £100,000 is open for bidding now.
Dozens just announced their white label product. Which I believe was the main idea all along. Their corporate website has been about Project Imagine, with Dozens being only their first product.
I think there’s more money to be made in the B2B space. I was not convinced by their Dozens consumer facing crowdfunding pitch. Plenty of banks still have shit apps. Mobile banking is a must now, and all the supermarket banks, all the regional building societies can just skin Dozens.
Dozens have stopped issuing their 5% bonds due to the current market. Totally understandable, but a tad disappointed they wouldn’t issue next month’s given that they’d already taken bids.
Interest rates have collapsed everywhere. They’d probably be oversubscribed should they issue a 2% bond. Missing a chance with ISA season approaching.
I got a similar email from Curve. Looks like there will be many others, as Dozens has mentioned, many fintechs rely on Wirecard’s card issuing service.
Thankfully the restrictions were mostly lifted and Dozens are making headway on their Visa relationship.
I think with FinTechs looking at more and more direct integration relationship (For Dozens this was important for reselling their Pi1 banking platform), this will be less of a risk in future.
What a shame but surprised they kept it this long given the limited impact it has had (based on volume of bids for the bond each month) and the costs to run it
Dozens did an AMA in their forums which goes into depth about their future product offerings, and their funding/runway. They’re mainly bankrolled by one guy, which is a risk.
Was really good to see the update but it has a overly pessimistic tone to it. With ending of 5% bond offer, will this accelerate customer exits? I am hopeful as both investor/customer that they can turn around with new products and features, but it will take money and time, either of which they have much of.
Very disappointed to see the proposed replacement to the 5% bonds (a 1% interest on up to £5200) was going to be behind their premium offering (£5.99 a month for very limited ‘plus’ features that I can actually get for free from a number of different platforms)
Yeah, their premium offering is really only of value to those with larger investments held in funds on their platform where a flat fee is cheaper than paying a percentage such as with HL.