- Australian-based fintech company Douugh (DOU) has posted strong results for its September quarter despite only listing on the ASX this month
- The business has developed a finance and wellness app which is a next-generation neobank
- On its official listing, the company raised $6 million, with a balance of $6.5 million in cash at the end of the period
- The fintech stocks main focus this quarter was on the official listing
- It now aims to expand its U.S. customer base and will continue to invest heavily in research and development to improve its banking platform
- On the market today, Douugh is up 1.89 per cent with shares trading for 27 cents
Douugh (DOU) has posted a strong first for the September quarter despite only listing on the ASX this month.
The company is a next-generation neobank and an artificial intelligence (AI) financial wellness app provider which debuted on the ASX October 6.
The business uses individual banking data to provide intimately tailored financial solutions to help people spend smarter, save more and build wealth.
Douugh’s focus during the quarter was on finalising the purchase of Douugh and listing on the ASX. On completion of the listing, Andy Taylor, Steve Bellotti and Patrick Tuttle joined Bert Mondello on the new board of the company.
CEO and founder, Andy Taylor, is an experienced entrepreneur and was the co-founder of SocietyOne. He will lead a team of successful developers and market leaders.
“Most of the well-known neobanks are just rebuilding the same old banks in digital form-selling traditional products competing on price, reliant upon getting their customers into debt to turn a profit while outsourcing their software development,” Andy said.
“This is an incredibly capital-heavy approach and I’m not sure, in the end, how ‘neo’ it really is or whether it resonates with the Millennial and Gen Z target market. Our research shows that money management is the fundamental problem that needs solving in banking and that calls for a new kind of business model,” he added.
Due to a strategic partnership with Mastercard, Douugh has been in beta with selected U.S. consumers since mid-2019.
At the end of the quarter, the company had $6.5 million in the bank, which $6 million raised from the initial capital raising listing.
Douugh will use the funds from the raise to scale up its U.S. customer base and will continue to invest heavily in research and development to improve its banking platform.
“We are laser focused on helping people better manage their money, with our long term goal to become a fully autonomous financial control centre for our customers, which may eventually see us expand into small medium enterprise banking,” Andy concluded.
On the market today, Douugh is up 1.89 per cent and is trading at 27 cents per share on 12:49 pm AEDT.