Douugh announced that it has formed a strategic alliance with OFX to offer Douugh customers bank-beating foreign exchange services, starting with 'Goodments by Douugh' for brokerage-free US single stock and ETF trading, which is set to be launched shortly.
Under the partnership, Australian customers will pay an FX fee to convert between AUD to USD in order to buy and sell US securities. OFX will pay a portion of this fee to Douugh in the form of a revenue share. The new partnership will commence immediately with an initial term of 3 years unless terminated by the company.
The alliance can also be extended to offer international money services as an integrated feature in the Douugh banking App over time providing access to over 50 global currencies.
Although the financial impact of the partnership is not yet determinable, it is deemed to be material as it results in the creation of a brand new revenue line for the Douugh. Commission free brokerage single stock and ETF trading are of significant interest to Douugh's target market. The company is therefore expecting strong uptake once the 'Goodments by Douugh' App is launched.
Commenting on the Company's partnership, Douugh's Founder and CEO Andy Taylor said: “We are delighted to announce this exciting partnership with OFX. They have invested a lot in building a robust platform to support fintechs to build and integrate new customer offerings. FX will become a key component of our platform offering over time as we look to facilitate investing in US securities, not to mention helping customers move money around the world."
Douugh currently provides an AI-powered financial wellness App that helps customers autonomously spend wisely, save more and build wealth.