Our friends at Douugh, made a major announcement signing a long-term strategic partnership agreement with Regional Australia Bank. The bank will become Douugh’s sponsor bank partner in Australia and challenge the dominance of the ‘Big Four’ banks.
On a mission to democratise banking globally, Douugh is building a ‘smart’ bank account designed to help customers live financially healthier, thanks to Sophie – its AI personal financial assistant. The agreement with Regional Australia Bank follows a global strategic innovation partnership announcement with Mastercard at the end of 2018 and a sophisticated raise on leading Equity Crowdfunding platform Equitise which remains live until February.
Douugh’s smart mobile banking app, will offer a Mastercard debit card and suite of everyday banking functionality, as well as multiple enhanced and unique features – focused on helping users pay off debt, spend less, save and build wealth. Sophie offers real time insights and guidance, learning how you spend money and understanding your goals to help you get ahead.
AI Powered Neo Banking
Currently in beta testing in the U.S, Douugh is gearing up for rapid growth. Launching first in the U.S market next month, with Australia set to follow later in the year. Douugh is fast becoming one of Australia’s most promising international fintechs.
“We are thrilled to be partnering with Regional Australia Bank, who share our cultural values and vision on helping Australians become financially healthier”, says Andy Taylor, Douugh’s Founder & CEO.
With an initial focus on the global millennial market, Taylor believes the sweet spot of the Millennial demographic for early adoption of Douugh, are the HENRY (High Earner Not Rich Yet) segment.
“This segment is ready to plan for their future and start accumulating wealth. This is where Douugh can educate and automate their finances, and alleviate the stress involved. Helping them live financially healthy by still enjoying the now while planning for their future,” he said.
“We believe the future of banking is about platform, data and identity. Our ultimate goal is to become the financial control centre, where people’s finances are managed on autopilot.
“Technology and the pioneering of a new platform based business model, will be the key differentiators in winning customers from the major banks and it will be the true fintechs with global scale that will ultimately be best placed to capture market share in the long-term,” says Taylor.
Regional Australia Bank CEO Kevin Dupé says, “Douugh has a big focus on customer financial well-being and this aligns perfectly with our approach. With our industry continuing to evolve at pace, we are excited to be partnering with Douugh and help take such a cutting edge technology platform to market”.
Douugh is currently closing out a $5m crowdfunding offer to wholesale investors on the Equitise platform. For more information visit www.equitise.com
Watch out for our exclusive and in depth interview with Douugh founder FinTech NextGen 012 – Andy Taylor