ASX-listed neobank Douugh has launched its services in the US, following a strategic partnership with Mastercard.
The partnership involved Douugh’s beta testing with select consumers in the US, since last year.
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Last month, the neobank was listed on the Australian Stock Exchange (ASX), and since then, its share price is said to have increased over 12 times.
Now, Douugh has officially launched its financial wellness app in the US.
The company provides customers with access to an FDIC-insured smart bank account and a Mastercard or Apple Pay-enabled debit card.
The app leverages artificial intelligence (AI) and machine learning (ML) capabilities to offer a tailored financial solution to individuals, based on their personal income and spending data.
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By GlobalDataThe solution helps users manage their spending, savings and build wealth.
Additionally, Douugh introduced its Bills Jar feature with a linked virtual card. Using this feature, users can track their recurring and outgoing expenses.
They can also connect their existing bank or investment accounts and credit cards to the app, to view their financial position.
Comments
Douugh founder and CEO Andy Taylor said: “Through our beta phase, we found that one of our customer’s biggest pain points was keeping track of their fixed and recurring bills, especially subscriptions.
“Bills Jar flags upcoming bills, allowing customers to sweep in funds and use the dedicated virtual card to become the principal card on file to pay recurring bills, outside of the main Douugh checking account.
“It is a key foundational component, along with our integrated Saving Jars, Rainy Day Jar and Spending Targets, which allows our users to better manage their money and stop living paycheck-to-paycheck.
“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.”
