Neobank Douugh jumps 32% ahead of launch
Next-gen neobank and Al-driven financial wellness app provider Douugh, has jumped over 30% in the last two days after it announced the end of its beta program in preparation for the full market launch of the Douugh app in the coming days. The end of the beta program marks the completion of several regulatory and development tasks, paving the way for the full-scale market launch in the US market.
Last month, Douugh raised $6 million and listed on the ASX via a reverse takeover of Australian telco ZipTel.
It operates a banking-as-as-service revenue model, where its core banking services are provided by partner banks including Choice Bank in the US and Regional Australia Bank in Australia. It also has a global partnership with Mastercard.
Under this model Douugh acts as an agent of the partner bank's licence; avoiding the high-cost structure, business model and risks associated with becoming a licenced bank in each country in which they operate.