Douugh’s customer and loan growth continues to accelerate in October

Douugh’s customer and loan growth continues to accelerate in October

ASX-listed Douugh, the award winning fintech on a mission to empower people to take control of their money and build long-term wealth on autopilot, has provided an update on its performance since turning on growth activities in July.

Douugh commenced growth activities in July following the successful launch of its integrated lending feature (Spot Jar). The Company has subsequently seen a strong uplift in customer numbers and originated loans, as it has focused its marketing activities specifically on loan growth. Growth was achieved through community activation and a limited advertising media spend of ~$50k.

The Company is taking a measured approach to growth, centred exclusively on the bottom of the marketing funnel targeting to convert an active loan customer. This is to drive a faster path to revenue and allow optimisation of the sign up and activation process for customers.

Scaling up via Merchant partnerships

In order to scale the business, the company will soon launch its (B2B2C) offering with Merchants called Douugh Pay.

For the first time, Merchants will be able to offer their customers Douugh’s unique Stockback™ reward program, with the flexibility of ‘Pay Now’ or ‘Pay Later’ features integrated into a seamless checkout experience at point of sale.

Cashback and points based loyalty programs have significantly transformed customer shopping behaviour in Australia, leading to increased purchasing frequency and brand loyalty. Notably, retail organisations have experienced the highest engagement with their loyalty programs, with 64% of shoppers reporting the use of their grocery loyalty programs every time they shop. With the added benefit of enabling customers to build their wealth as they spend, Douugh Pay offers an exciting alternative solution to this growing market place.

The Douugh Pay solution is an open loop solution with mass market appeal. It will attract both debit paying customers as well as those who need the support of interest-free instalment credit. Enabling them to start the journey of building wealth as they spend by earning Stockback™.

The Company expects it will see a higher weighting to debit transactions and a rise in customers establishing recurring investment savings plans on the Douugh platform as a result.

Stockback™ offer Merchants a way to promote ‘responsible spending’ to build deeper engagement with their customers, due to the fact they will be facilitating a direct investment into a customers chosen managed investment Portfolio with the goal of helping them build long-term wealth.

The Douugh Pay gateway product is still on track to launch in Q2FY24.