In phase one of the launch, Australians can set up a recurring micro-investing savings plan through Douugh's proprietary Autopilot feature. This plan involves investing in risk-weighted, diversified portfolios managed by BlackRock, as well as thousands of US shares, all of which are rated for sustainability.

Douugh's micro-investing service, which includes embedded automation and intelligent services to streamline money management, will enable even more Australians to participate in a simplified financial ecosystem. This service supports Douugh's first strategic pillar and delivers on its mission to help customers adopt winning financial habits for creating long-term wealth on autopilot.

Users can choose from six diversified portfolios, each tailored to their risk level, giving them almost instant exposure to a vast array of global companies and assets managed by market leader, BlackRock. For just $1, users can invest in their preferred portfolios or companies with the flexibility to invest as much, or as little, as they choose.

Commenting on the Company’s announcement, Douugh’s Founder & CEO Andy Taylor said:

“Currently, many Australians are feeling stressed about their finances. As interest rates increase to combat rising inflation, people are experiencing erosion in the value of their money and investment gains. In a time of such great economic uncertainty, it is the right time to lean into our core responsible micro-investing service, which will help everyday Australians adopt sustainable money habits to live financially healthier lives.

We are delighted to announce the official launch of the first phase roll out of our Australian platform, and through a seamless customer investment experience and education, we aim to help Australians achieve financial independence. Our experience and existing technology will allow us to build a financial platform that provides key financial services all in one place, delivering sustainable revenue growth for our shareholders and a clear path to cash-flow breakeven.

Douugh will deploy a phased approach to optimise product growth and expand solutions, with the goal of fostering customer love for the product in order to stimulate viral growth with predominantly gen-z customers in the early stages.

After dealing with the delays resulting from the closure of Volt Bank, we are now firmly on track to deliver the reimagined card & account product in Q4, which will unlock the growth potential for the business by giving us a truly unique, mass market value proposition in the market in which to challenge mono-line incumbents and win customers, supported by B2B2C partnerships.”