Douugh gears up for US launch of money management app

Douugh ASX DOU Beta launch US United States
The neobank has completed beta testing of its app with the full build to be sent to Apple’s App Store by Friday.

ASX newbie Douugh (ASX: DOU) is getting set for the imminent full market launch of its financial wellness app in the United States following the completion of its beta testing program.

Backed by extensive market testing and user feedback, the neobank today said the app is expected to launch in the “coming days”.

The artificial intelligence (AI) based app has been designed to manage customers’ money, taking into account pre-set spending and savings plans.

Douugh’s stated vision is to become a fully autonomous financial control centre or as founder and chief executive officer Andy Taylor has described it, the “Tesla of banking”, paving the way for customers to automate money management using its app and learn to “live within their means”.

Now that the beta program is successfully completed, Douugh plans to submit its final build of the app to Apple’s App Store by this Friday with the full market launch “to be announced imminently” on approval of the build.

Platform tweaks

According to Douugh, further refinements have been made to the app to “ensure a superior user experience”, including app optimisation work for the latest iOS 14 software and iPhone Max screens.

The company extended its development efforts to in-app functionality, with users now able to see pending transactions in real-time, such as incoming or outgoing card payments that have not yet been settled.

Firebase and other analytical tools are also in place to monitor scaled digital media activities in real-time, to ensure Douugh’s marketing efforts are targeted, optimised and full attributable.

“The platform has also been rigorously tested to ensure it is ready to scale and onboard a significant level of new users in anticipation of the launch,” it said.

In addition, Douugh has completed all of its regulatory and compliance requirements including obtaining bank approvals, meeting anti-money laundering regulations and collecting data to train the platform’s AI powered fraud detection engine.

ASX debut

Douugh raised $6 million and listed on the ASX a month ago via a reverse takeover of Australian telco ZipTel (ASX: ZIP).

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.

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