We’re crowdfunding!

#102

I agree @Raul - its my bad personally. We have just been flat out and I haven’t had a chance to go through every word with a fine enough toothcomb yet, so didn’t want to release it half-cop. Trying my best to do so by tomorrow (Friday) but definitely by Monday.

Felt there was enough info in the pages and videos for anyone to make an informed decision though, so didn’t delay the pre-public launch campaign as its also for people who have already expressed an interest, plus have been on community etc and are therefore higher conviction.

If there’s any specific missing bits for you at this point, happy to answer those here, to make up for the inconvenience caused. Apologies again.

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#103

Happy investor here :raising_hand_man:

Can you disclose the share price?

#104

Its £20 a piece.

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#105

Thanks for that :+1: just to update my trusty spreadsheet

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#106

Tell me about this Spreadsheet? I love a good Spreadsheet.

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#107

Nothing to extravagant I’m afraid!

I have a google sheets document with my pension, Freetrade investments and crowdfunding holdings

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#108

Nice.

I’ve got quite a few of those too.

I actually misread Coconuts share price and ended up with far more then I was expecting.

#109

Funny about Coconut, me too!

I’ve only really started to invest in crowdfunded companies in the last six months or so really although Freetrade was April (I think)

#offtopic

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#110

I’ve invested! Woohoo!

Great to support you all, I really mean it!

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#111

An investor memo? Sounds exhilarating :wink:

#112

If anyone is going to invest £150+ In Dozens (works for all campaigns) and would like to earn (us both) £25, please feel free to use my referral link:

https://seedrs.us4.list-manage.com/track/click?u=b211206c49ae6c040bfb8ae74&id=83181b6f85&e=722cc35c33

#113

Found this interesting, even as a fully licensed bank Monzo ‘only’ has a 60% active user number and I say only very lightly.

How do you plan on keeping customers engaged & not just using dozens as a savings/burner account?

As a prepaid card, what’s your target active user ratio and how will this compare with a banking licence? :bank:

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#114

Hi @CheaperByTheDozens - great question.

Think we are a lot more fuller in terms of scope, so whether you are checking your spend every day, tracking your budget every week, saving in bonds every month or aligning your invest goals every year, not only does dozens cater to your need but also rewards you automatically by entering you into the £100 Savers Awards cash draws every month. Cashback for being good and responsible - isn’t that a good reason to be an active customer? :slight_smile:

Also our acquisition strategy is to get customers who save higher balances with us than the average £150 balance Monzo shared at some point in recent months. So we definitely do not want to be just your travel card that you use for good FX, as actually the app is quite inefficient for monoline use cases like that. We would rather be the new home for your money.

So, overall I believe our product scope, design of nudges and information and focus on helping you save will position us differently to the current set of challengers. Hope this helps?

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#115

The reward angle really makes sense to me. I’ve never put a penny in Monzo or Starling pots because what’s the point - I’d be better off sticking it in a high street easy access saver!

#116

I find Monzo pots useful. Though, not as a saving mechanism. I use them as a budgeting aid instead. My salary gets distributed out to pots each month to lock away the money that I really shouldn’t be spending, so that I always have the money I need for rent, and credit card repayments, for example.

Also, Monzo does have savings pots, which offer a better rate than many high street bank instant access savers… provided you have £1,000 to open the pot with. Though these are now unavailable until they find a second partner to provide savings through.

Having said all of that, I am also very much on board with the savers awards. I think that mechanism will be a much better way of encouraging people to have a much better relationship with money overall.

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#117

I’m thinking about investing, but I’m one of those people who likes all the information, so I’ll be waiting for the full brief on Monday.

I do, though, have a few questions for @AC in the meantime that are giving me pause for thought:

  • could you explain a bit more about your approach to technology? Specifically, do you see Dozens as a “build it then you’re done” project or something that you’ll be continually changing over time?
  • On a similar theme, what’s your relationship with the team in Ukraine? Do you own the IP? Do you have tech expertise in house? What contingencies do you have if the relationship sours or that part of the world becomes more unstable? What’s the long term plan?
  • Could you explain the relationship between Dozens and Project Imagine? I assume the crowdfunding is for shares in the latter - is that correct? What plans do you have for Imagine? I’ve read that Dozens is the first brand and you might launch others - or get into white labelling. Is this still the case?
  • How resilient do you think your business model is to downturns in the market (for example a bad Brexit)?
  • Have you considered what you might do if your competitors decide to do a “me too” thing? i could see a situation where (someone like) Freetrade ends up providing ETFs from within (someone like) Monzo’s app. How would you respond?

I hope these don’t come access as too challenging. I like what you’re doing and am keen to do my due diligence properly!

(@robert, appreciate that these are long and involved questions - so feel free to split to different topics etc if that works better).

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#118

Just as an add on to this, WiseAlpha are likely to build an app and to be in the Monzo Marketplace too.

I see parallels between WiseAlpha and Dozens invest (merger would be perfect) but would like to know if dozens has the competition on their radar, especially in terms of competitive pricing?

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#119

I’ve done my investment for Dozens as well. Really excited to see where Dozens go, as I really think it could be extremely successful.

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#120

Hey @Peter - no problem at all, its your responsibility to ask as many as you want before you part with your money, and my accountability to answer. So keep them coming. :slight_smile:

  • could you explain a bit more about your approach to technology? Specifically, do you see Dozens as a “build it then you’re done” project or something that you’ll be continually changing over time?

Easy one - absolutely continuously vigorously vociferously changing over time! Like anyone sensible in this day and age, we want to be led by qualitative and quantitative data - we track app usage, I personally (along with others in the Product team) read all forums to keep a finger on the pulse and look for feedback on what changes to prioritise, we track success (or not) of campaigns, we have an open transparent internal culture that allows questions and suggestions to come through from within the team etc etc - all of these datapoints, plus a clear but resolute strategy in terms of where we want to compete, means our backlog will be full for months - hopefully forever :wink:

  • On a similar theme, what’s your relationship with the team in Ukraine? Do you own the IP? Do you have tech expertise in house? What contingencies do you have if the relationship sours or that part of the world becomes more unstable? What’s the long term plan?

Igor who runs the Ukraine team, is our VP, Engineering - the developers themselves are contractors. We absolutely love them and the structure is of Resource Augmentation not Offshoring, so day-to-day no real difference from internal team other than contracts. As we grow, we will need some more interface roles in London to keep comms smooth. In fact, as a symbol of their own confidence in the product they are building, Igor and co are investing £1m into the company in the current round, along with every one else.

Oh, and yes we do own the IP completely.

  • Could you explain the relationship between Dozens and Project Imagine? I assume the crowdfunding is for shares in the latter - is that correct? What plans do you have for Imagine? I’ve read that Dozens is the first brand and you might launch others - or get into white labelling. Is this still the case?

Yes, correct on all points. I think the Info Memo that is getting uploaded on Sun/Mon morning will make this clearer for you but short answer is yes. Just bear in mind that for this round, Dozens comes first and we will only do the other bits reactively (eg someone seeks out the white labelled product) or when we have a growth catalyst like another round of funding.

  • How resilient do you think your business model is to downturns in the market (for example a bad Brexit)?

As of now, we have no exposure to Brexit per se - we are a UK company with UK licenses, and UK residents as customers. It does impact our growth plans with respect to Europe and we have many talented Europeans in our team, but I think our launch timing actually allows us to think and react to how things shape up in the coming days, a lot better than most of our competitors who may already have deeper intertwined links like license passporting etc.

In general, when things go south, people should spend less and save more - and with even our investment products reflecting a market sensitive pricing, I would think we are pretty well structured for a downturn, should there be one.

  • Have you considered what you might do if your competitors decide to do a “me too” thing? i could see a situation where (someone like) Freetrade ends up providing ETFs from within (someone like) Monzo’s app. How would you respond?

I think it’s pretty easy to do what you suggest. But that for me is the eBay model. We want to occupy the Amazon Prime space - one seamless customer experience that is Dozens and no one else in between us and the customer.

In general, if a few others started offering 5% pa products, I would consider it a small win for Dozens. :slight_smile:

Am ready for more - keep them coming! :wink:

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#121

Am watching them all like a hawk, believe me! :slight_smile:

Jokes aside, we are very cognisant of the competition - not just in the UK but also US (Chime, Robinhood) and Europe (Raisin). I think we observe them not just because of strategic threats but also to learn - if I could have Monzo’s customer zeal, Startling’s solid banking foundations, Tandem’s resilience, WiseAlpha or Motif’s portfolio innovations, think we will be in a happy place.

Am the ‘quoter’ in the team btw, so here’s one for the occasion -

“In my walks, every man I meet is my superior in some way, and in that I learn from him." ― Ralph Waldo Emerson

Overall, I think the pie is BIG and the nibbles have just started - so plenty of winners possible still. If we can inspire some savings innovation in others, the job is half as hard for us!

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