Update out today.
Includes statements, for example.
Bonds are soon…
Bonds have been ‘soon’ for a long time lol…
Sorry guys - playing by the rules here. Bonds have been ready to go for a while now but as we are a regulated BIPRU firm (and not just an emoney license holder), with our ICAAP submission (contains capital position and risk frameworks etc) to the FCA following the capital raise, we are required to wait for an acknowledgement from them before resuming activities under the MiFID license. We are in constant touch with them and honestly are more eager than you to push the launch button.
I can promise everything is in place to push this live as soon as we hear back but the way the regulatory process works (and rightly so) don’t really have much choice but to wait for now.
Can also reiterate that now that Seedrs is closed as well, this will be the bumper £1m issuance too, and will also be followed by Invest going live soon after - the other part of the app that depends on our MiFID BIPRU status.
We are doing great as a company overall though, now with support from more than 2,100 investors from 48 countries now - so hopefully this totally unintentional and unforeseen delay will be forgiven and forgotten very soon.
Meanwhile we have made excellent progress with our eMoney features - Track changes discussed with you guys are now live, and also an even more intuitive Track redesign is coming soon. International payments should be with you this month. Also just about to announce a couple of big partnerships in the card/current account space.
We have made some great new hires including the Head of Risk from Monzo, and the VP of Scaling from TransferWise. Our customer numbers and average balances are looking healthier than ever (and much higher than our expectations from where competitors were much later in their journeys). And last but not the least, Dozens will be on the road soon - if you are not based in the fintech bubble of London and would like to meet us face to face elsewhere in the UK, we will be travelling to all of England, Scotland, Wales and Northern Ireland very soon, for the Great British Money Survey.
Apologies again for the wait for our beloved bonds, and thanks for keeping the faith.
@AC Thank you as always for a very open update. Just to be clear is it intended to launch the Bonds and Invest with ISA wrapper and will it be possible to transfer previous years S&S / Cash ISAs into Dozens? If so can cash ISA’s go towards Bond purchase or would it be necessary to extract funds from the existing wrapper? For S&S ISA transfer are existing holdings sold in order to invest in the available funds?
Thanks for the update @AC - given the surge in numbers following the crowdfunding it might be a good idea to push for more regular updates during this period of ‘inactivity’ from a customer perspective - otherwise all the hard work to get these people engaged will disappear before the fun really begins.
Looking forward to the new updates and news on partnerships!
Glad to hear the bonds are coming soon!
@AC thanks for the update. Looking forward to the current account features too!
Agree, @afreeb. As you know from your visit, we probably aren’t the loudest bunch when it comes to talking stuff up - the vagaries of being an atypical fintech. would greatly appreciate the community helping keep things positive on social as well, with reviews etc on app store.
Hi @mimote - the current journeys will support GIAs and new S&S ISAs out of the box, but not Transfer ISAs yet. Some of the queasy you are asking is what we need to work through before launching Transfer ISAs because the control of the money and info flow is so little for us in that journey… its on the backlog though so we will figure something out, just not a priority yet as we are quite focused on new savers to start with.
Thanks @AC all very clear.
Except the queasy questions
@AC fortunately I was able to interpret without too much difficulty
No I totally get you aren’t typical when it comes to fintech - however I would say that given the flood of activity in the markets covered by the app (particularly in the crowdfunding world) it would be good to keep the momentum going as opposed to letting people get swept up in one of the many marketing campaigns going on… Loot (crowdfunding on Seedrs shortly - competitor in the Spend/Track world - particularly student focussed which I know is a big target audience for Dozens), Freetrade - quite established investment (fee-free trades platform) - just launched ISA wrapper for Android user numbers increasing rapidly, Tickr - ethical investment platform (high fee’s - 0.7% + ETF fees) crowdfunding - pretty UX - will be creating their own ETF’s to launch into the market - competitor in the Invest world, Evarvest - very early days investment platform - (low or no fee trades) very good product roadmap for app launching in 2nd half of this year lots of clever features to attract millennial market and socialising investment…
Im sure there are others that i’ve missed but you can see how easy it would be to lose a portion of the market to one of these alternatives… and I totally get that the Dozens offering covers across almost all of these in a single app and thats the USP but if people cant use those parts yet they will start to look elsewhere if they aren’t being kept up to date or engaged with… after all we are all such a fickle bunch in the Fintech world with short spans of attention!!
Thanks for the update, always appreciated! I’m sure we’re all aware there’s more i’s to dot and t’s to cross than anyone can imagine!
Eager to ‘have a play’ and see if I really can see a 5% return on some money, even if it’s for a couple of months (anything is better than 0.05%!)
Funnily one day, I was on the bus, and the guy next to me was using Dozens while scrolling his app.
Because of the immediately recognisable interface , I was like whoo dozens fan here?! And he was like. ‘Nope, I’m switching back to Monzo for now.’
But yes, dozens USP is not that immediately understood compared to other examples you mentioned.
I’ve just joined Dozens, and wondering if any bonds have been issued yet? If yes, great! When will the next issue be? Will it all be monthly event held on a particular date?
There was a test run in March with 100k worth of bonds which was a success.
Since then there hasn’t been another issuance of the bonds.
Thanks. 10k is a surprisingly low amount, even for a test run. I was hoping to buy bonds in £500 and £1000 amounts. I do hope they up the amount and frequency soon!
The first round of 5% was actually in February and much larger than 10k
I don’t believe the second round has yet taken place.
Sorry, you’re right. It was just under 100k of bonds.