Neobank and smart money management app Douugh is moving out of beta and officially launching to the wider US market.
The US launch comes a month after Douugh began trading on the Australian Stock Exchange (ASX) following a $6 million Series A fund raise and a reverse takeover of Australian telco ZipTel.
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.
The app has been in beta with US customers since the middle of last year thanks to a partnership with Choice Bank.
Douugh founder and CEO, Andy Taylor says: “We are following in the footsteps of successful international fintechs Afterpay and Xero by listing early in our growth cycle on the Australian Stock Exchange (ASX). Similar to the path of their fundraising, this allows us access to capital while building valuation.”
Since listing last month, Douugh’s share price has increased over 1274% to a market cap of AU$220m.
The US launch also marks the introduction of Douugh’s Bills Jar feature with a linked virtual card, which helps users track and cover their fixed and recurring outgoing expenses.
Users also have the ability to connect their existing bank, investment accounts and credit cards to get a single view of their financial position through open banking.
Says Taylor: “We are trying to do to banking what Tesla is doing to the automotive industry. We see open banking and autonomous AI technology to be the next frontier in fintech, and the biggest disruption to happen to such a stale industry vertical that has only really experienced linear improvement over time."