Fintech player Douugh scores MasterCard partnership
Australian fintech start-up Douugh has scored a new partnership with MasterCard, joining forces to launch a smart bank account with a debit card from the global payments giant.
Douugh, which was founded by SocietyOne’s Andy Taylor, has created a personal financial assistant utilising artificial intelligence. But the start-up does not intend to become a bank, rather it claims to want to help people save more and live debt free.
Mr Taylor said the partnership with MasterCard would give the company a “big boost of horsepower”, letting it create a product that would be available in three of MasterCard’s major regions – the US, Australia and Britain – by 2020.
“MasterCard are a global leader in digital payments and to have their brand associated with our technology is important for us to establish trust and credibility in the eyes of our customers and also within the broader fintech and investment community,” Mr Taylor said.
“We have big plans to blitzscale (achieve lightning-fast growth) in the US once we achieve product market fit. Based on other scale-ups around the world such as Revolut, Monzo and N26, we believe we can scale up to over 3 million customers within the first five years in the US alone.”
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