Douugh rises on beta program success ahead of US entry

Douugh rises on beta program success ahead of US entry

Shares in neobank Douugh (ASX: DOU) have spiked by more than 12 per cent this morning on news the company will soon release its financial wellness and banking app to the US market.

Following the successful completion of its beta program, Douugh will submit the final build of the app to the Apple App Store by Friday 13 November, with the full market launch to be announced imminently on approval of the build.

"The end of the beta program marks the successful completion of a raft of significant regulatory and development tasks, which pave the way for the full-scale market launch in the US market," says Douugh.

Douugh, founded in Sydney by CEO Andy Taylor, will first debut in the US market followed by an Australian launch to come in 2021.

The company says during the beta program further refinements have been made to improve user experience, including app optimisation work for the latest iPhone software.

Douugh has also implemented a new function that will allow users to see pending transactions.

"Lastly, to ensure that Douugh's marketing efforts are targeted, optimised and fully attributable, Firebase and other analytical tools are now in place to monitor scaled digital media activities, in real-time," says Douugh.

In addition to a successful beta program, Douugh has already obtained the necessary bank approvals having implemented protocols to meet anti-money laundering and Office of Foreign Assets Control regulations.

The neobank also says it has collected "significant" use case data to train its AI-powered fraud detection engine to guard against account takeover and transactional fraud events.

Douugh listed on the ASX in early October following an oversubscribed $6 million capital raise.

The company is one of the many next-generation neobanks hoping to overhaul Australia's banking and finance industry by targeting Millennial and Gen Z customers looking for a fresh experience.

Shares in Douugh are up 9.09 per cent to $0.30 per share at 11.22am AEDT.

Read more: Neobank Douugh debuts on the ASX, US launch imminent

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