After passing a compliance milestone, fintech Douugh is on track to launch its banking super-app to Australians later this year, following its Beta launch.

Aussies will soon be able to get their hands on the Douugh (ASX:DOU) financial super-app, after the company announced that it was nearing a launch here in the country.

The imminent beta launch follows from the recent accreditation the company obtained through its BaaS (Banking-as-a-Service) partner, Railsr.

The accreditation was the major compliance milestone the company had to pass in order to be able to issue banking services to Australian customers.

The beta launch is expected to last for up to 90 days, during which the super-app will receive live production keys and onboard select customers to process real world transactions as a fully regulated entity.

Douugh says it remains on track for a full market launch later this year.

“We are delighted to announce the launch of our app in Beta production in Australia. It’s been a long time coming and we couldn’t be more excited about introducing Australians to the Douugh service,” says Andy Taylor, founder and CEO at Douugh.



Budget, set and forget

Douugh’s banking super-app is designed to help the everyday person budget, save and invest on autopilot.

The company believes traditional financial systems have failed the everyday customer, costing them $300-$400 on average in fees per year compared to Douugh members.

In the US, where the app has already been launched, Douugh is targeting the roughly 160 million people who are living from paycheck to paycheck, and who are struggling to afford basic emergency expenses or to grow their wealth.

Taylor believes that with rising inflation, now is the best time than ever to be using the services that Douugh provides.

“Hitting the market with a responsible financial super-app that helps customers better budget, save and invest their money on autopilot has always been the dream,” says Taylor.

“We think the timing is right with rising inflation and the end of excess consumer spending.”

In Australia, the app will first be made available to a small selection of users in the beta testing phase, before being opened up to customers of Goodments – Douugh’s existing ethical micro-investing platform – as well as waitlist customers prior to a full market launch later in the year.

Aussie customers will be able to choose to have their salaries paid into Douugh, or make a direct debit from their existing bank accounts.

“Whether they choose to bank with Douugh daily, or want a companion financial app to organise their money – Douugh can support,” said Taylor.

And similar to the US, the service will also be expanded to offer integrated credit and rewards over time.

Ultimately, Douugh says it wants to help all Australians effortlessly and securely manage and grow their money without lifting a finger.

“Whether it’s help with budgeting for everyday spending and bills, automating saving, or investment options in US or Aussie stocks and crypto from as little as $1.”

“People are looking for greater assistance to live financially healthier – helping them to spend more mindfully, save more and build long-term wealth,” said Taylor.

This article was developed in collaboration with Douugh Ltd, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.