Douugh Ltd (ASX: DOU), the financial “Super App” on a mission to help clients spend “mindfully,” save more and build long-term wealth has launched into Beta in Australia.
The beta launch, which will last for around 90 days, comes after Douugh acquired the necessary accreditation through embedded finance experience platform partner Railsr (ASX: 4 November 2021) to be able to issue banking services to certain Australian clients.
Douugh’s Founder and CEO Andy Taylor stated:
“We are delighted to announce the launch of our app in Beta production in Australia, it’s been a long-time coming and we couldn’t be more excited about introducing Australians to the Douugh service.”
Taylor added:
“Hitting the market with a responsible financial super app that helps customers better budget, save and invest their money on autopilot has always been the dream and we think the timing is right with rising inflation and the end of excess consumer spending. People are looking for greater assistance to live financially healthier – helping them to spend more mindfully, save more and build long-term wealth.”
As noted in the update:
“The app will be made available to a small selection of users in the first Beta testing phase before being opened up to Goodments and waitlist customers, prior to a full market launch later in the year.”
Douugh is focused on helping Australians easily and securely manage / grow their money without having to “lift a finger.”
Whether it’s assisting with budgeting for daily spending and bills, automating saving, or investment options in US/AU stocks and crypto from “as little as $1.”
Customers may choose to pay their salary into Douugh, or direct debit from their bank account.
Whether they decide to bank with Douugh daily, or want a companion financial app to organize their money – Douugh is able to support their requirements.
Somewhat similar to what Douugh clients in the US currently enjoy, the service will reportedly be expanded to provide integrated rewards over time as well as Credit.
As covered in April 2022, Douugh Ltd announced a partnership with Pinwheel in order to facilitate automatic direct deposit switching for its US clients.
Douugh’s clients are currently “limited to manual direct deposit switching, a solution that has a lot of friction.”
Working with Pinwheel increases Douugh’s chances of “becoming the primary bank account for many of its customers.”
It’s a significant opportunity, “considering 21% of consumers1 have their primary bank account in a neobank which is expected to increase to above 45% in the next two years.”
Douugh’s Founder and CEO Andy Taylor said in April 2022:
“We are excited about partnering with Pinwheel to be able to make it effortless for US customers to switch their payroll to Douugh. Our efforts to date have been focused around making it easier for people to switch their primary banking relationship to Douugh in order to unlock the platform revenue opportunities.”