SW Sponsored Content Left 3 160x1200

SW Sponsored Content Right 3 160x1200

SW Sponsored Top Banner 3 705x108

Tuesday, 06 October 2020 09:19

Neobank Douugh starts trading on ASX

Neobank Douugh starts trading on ASX Pixabay

Douugh, an Australian neobank and AI-driven financial app, has started trading on the ASX on Tuesday, after raising $6m in series A funding through a placement that was over-subscribed.

Founder and chief executive Andy Taylor said Douugh had taken the original idea of banking disruption and gone beyond the capital-heavy models that have been launched.

"Most of the well-known neobanks are just rebuilding the same old banks in digital form - selling traditional products competing on price, reliant upon getting their customers into debt to turn a profit, while outsourcing their software development," he said.

"This is an incredibly capital-heavy approach and I'm not sure how 'neo' it is or whether it resonates with the millennial and gen Z target market. Our research shows that money management is the fundamental problem that needs solving in banking, and that calls for a new kind of business model."

A statement from the bank said it used individual banking data to provide tailored financial solutions that helped people to spend smarter, save more and build wealth.

The company uses licences from its partners, US-based Choice Bank, and Australia's Regional Australia Bank, to deliver basic services through an SaaS model.

"What this means is we can offer a government-insured bank account and debit card just like a first-generation neobank, without the high cost structure, clunky business model and risk profile of becoming a licensed bank," Taylor said.

"For our banking partners, they can deliver innovative products and services to a new customer segment, without having to do the very extensive R&D."

Douugh has a partnership with Mastercard, Douugh has been in beta with some American consumers since mid-2019 and is gearing for a full market launch.

Taylor said the decision to list early was to capitalise on the strong growth opportunity in the US before launching in Australia.

"We will use our IPO funds to scale up our US customer base and continue to invest heavily in R&D to improve our AI-driven platform," he said.

"We are focused on helping people better manage their money, with our long-term goal to become a fully autonomous financial control centre for our customers, which will eventually see us expand into SME banking."

Subscribe to ITWIRE UPDATE Newsletter here


The much awaited iTWire Shop is now open to our readers.

Visit the iTWire Shop, a leading destination for stylish accessories, gear & gadgets, lifestyle products and everyday portable office essentials, drones, zoom lenses for smartphones, software and online training.

PLUS Big Brands include: Apple, Lenovo, LG, Samsung, Sennheiser and many more.

Products available for any country.

We hope you enjoy and find value in the much anticipated iTWire Shop.



iTWire TV offers a unique value to the Tech Sector by providing a range of video interviews, news, views and reviews, and also provides the opportunity for vendors to promote your company and your marketing messages.

We work with you to develop the message and conduct the interview or product review in a safe and collaborative way. Unlike other Tech YouTube channels, we create a story around your message and post that on the homepage of ITWire, linking to your message.

In addition, your interview post message can be displayed in up to 7 different post displays on our the iTWire.com site to drive traffic and readers to your video content and downloads. This can be a significant Lead Generation opportunity for your business.

We also provide 3 videos in one recording/sitting if you require so that you have a series of videos to promote to your customers. Your sales team can add your emails to sales collateral and to the footer of their sales and marketing emails.

See the latest in Tech News, Views, Interviews, Reviews, Product Promos and Events. Plus funny videos from our readers and customers.


Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

Share News tips for the iTWire Journalists? Your tip will be anonymous




Guest Opinion

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News