Dozens App


#62

Good thing is they welcome and are responsive to feedback from early adopters.
For example, don’t know if anyone else noticed but there is a card activation notification spelling error where “You” should be “Your” to read as ‘your dozens card is ready for action’. Reported and got a quick response so you should probs report that too:


#63

At least some, possibly all of it is marketing budget. 5% of 7m is only £350,000. They set that aside to guarantee their “save” customers the advertised return.

In the “invest” side of the app (which carries standard investment risks) they will offer “emerging market” bonds. They “purchase high interest bonds at larger amounts and create new smaller, more accessible bonds, with their own NEX listing and security. In this way [they] give you access to absolute-return seeking investment opportunities usually only available to those with £1m+”.

I remember reading at one point (and things might be different now, or I could be mis-remembering) that they could use this kind of bond in the background to earn more than 5%, pass 5% on to customers of a 5% “guaranteed” bond, and keep anything above the 5%, if the bond did really well. And maybe eat the loss if the bond under-performed.


#64

Are your savings safe in one of these bonds?


#65

Yes, the money is put away in a trust in your name, and it can only be used to pay you back. If Dozens goes bankrupt, their creditors can’t take your money.


#66

#67

Is there a way for me to verify this? I’ve heard that explanation several times but I’m still very skeptical… How come they can’t just provide the normal FSCS guarantees?


(Emma) #68

They don’t have a banking license yet


#69

You can read their regulatory submissions here, and this is reflected over on the LSE.

I don’t really know how you confirm more than that. You can find more details in the terms and conditions in the app when applying for a bond.

Dozens do not yet have their full banking license, which is why they’re going the trust route for this initial batch of bonds.


#70

Thanks for sharing those links, that’s really helpful!


#71

Pilot bond issuance stats are in :boom: Fixed Income :pound: :


(Giridhar Tammana) #72

I just got invite and interested in bidding.
I haven’t read whole thread, any pointers for successful bidding?
Can one make bids for multiple amounts?


#73

All I’d recommend is bid early in each month and bid tactically (especially as user numbers grow the successful bid amounts will tend towards £100 per saver) given the rules of the bid process:

Also, we want to ensure this £100k worth of a 5% p.a. fixed interest and the accompanying protection, can be enjoyed by as many people as possible. So, at the end of the booking period we will rank subscriptions starting with the smallest value being given highest priority. As subscription sizes increase, they will be placed further down the priority list, finishing with the largest value subscription being lowest priority. For two or more bids of the same value, the bids that came in earliest will be higher priority.
Any subscriptions past the priority cut off point of that issuance will be unsuccessful. The success, or not, of your application in any previous programme does not have any bearing on future applications.
So what this effectively means is that for each issuance, we don’t set the maximum amounts, our customers do, i.e. for a £100,000 issuance, if you subscribed for the full £100,000 and there was no other subscriptions, your bid would be successful.

You can only bid once per month. You joined at a good time as March will be a big one:

The next month is our bumper ISA issuance of £1m+, and will be open for bidding tomorrow - Friday 1 March. Closing date will be Monday 25 March.


#74

Does anyone have an invitation code for a Freetrade friend?


#75

Yes, do you want it?


#76

#77

Sorry - meant for dozens*


(Giridhar Tammana) #78

Its not like queue bump but they send you one through email.


#79

#80

NEX listing here

https://www.nexexchange.com/member?securityid=2074851


#81

25M pre-money valuation apparently