Australian telecommunications firm ZipTel has entered a binding agreement to acquire US-based smart money management app Douugh.
Douugh offers a subscription-based financial wellness platform, which helps customers with money management, paying off debt, saving more each month, and building up their wealth by using a 'smart' bank account and Mastercard debit card.
Having integrated and deployed its proprietary technology with its US banking partner, Choice Bank, Douugh has now launched its 'Savings Jars' app offering in the App Store. The firm has also secured a further banking agreement with Regional Australia Bank, and Tokyo-listed financial services company, Monex Group.
ZipTel, which offers international roaming and calling to consumers, suspended its shares on the Australian Securities Exchange in late January pending the release of an announcement regarding an acquisition.
Financial terms of the deal, which will be funded by a share exchange upon relisting, have not been disclosed.