Neobank Douugh debuts on the ASX, US launch imminent

Neobank Douugh (ASX: DOU) is the first of its kind to list on the ASX after debuting this morning following an oversubscribed $6 million capital raise.

Founded in Sydney by CEO Andy Taylor (pictured), the company is one of many next-generation ‘neobanks’ established to disrupt traditional means of banking and target Millennial and Gen Z customers.

The company’s core product is its AI-powered smart phone app and bank account that the company hopes will allow its customers to take control of their financial wellness, helping them save more and spend wisely.

The debut on the ASX comes just weeks before the group is set to launch the app in the US, with an Australian launch to come in 2021.

Douugh is one of many Australian neobanks on the market, joining established players like Volt, 86 400 and Xinja.

Taylor, the founder of P2P lending platform SocietyOne, says Douugh is an evolution of the neobank concept, taking it beyond just simply rebuilding a banking platform on a slick-looking app.

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Source: Neobank Douugh debuts on the ASX, US launch imminent