Neobank Douugh wants to take HENRYs from the big four after Regional Australia Bank deal
Douugh, an Australian fintech start-up run by SocietyOne co-founder Andy Taylor, has secured the last piece of the puzzle it needed to join the race to knock off the big four banks as one of an emerging group of neobanks. The company, which has developed a so-called “smart” bank account, with an artificial intelligence-based personal finance assistant known as Sophie, has secured a wholesale banking deal with Armidale-based Regional Australia Bank, meaning it will be able to offer full bank accounts later this year. The partnership agreement means Douugh will bypass the need to go through the APRA approval process, which saw Volt Bank announced as Australia’s newest bank on […]
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 […]
Fintech start-up Douugh scores partnership with US mutual bank Choice
Sydney-based fintech start-up Douugh has scored a partnership with US mutual bank Choice Financial, as it readies to launch its smart banking personal assistant, Sophie. As part of the open banking partnership, Douugh will launch an integrated bank account and debit card with the bank, giving it the ability to accept deposits. Choice Financial has also invested in Douugh, as part of a $2.5 million seed round. Founder and chief executive Andy Taylor, who was also a co-founder of successful peer-to-peer lending platform SocietyOne, told The Australian Financial Review he wanted to reduce society’s reliance on credit cards and help people save money. “I’ve always been quite passionate about the […]
Credit card debt targeted by Douugh, financial ‘personal assistant’
Bank customers will soon be able to sign up for computer-generated tips on how to get on top of their credit card debt, manage their budget, and eventually, save money on their electricity bill. That is the ambition of start-up Douugh, a financial technology firm this month launching a pilot in Australia of a financial “personal assistant,” based on artificial intelligence. It is the latest example of a fintech start-up seeking a piece of the banks’ lucrative financial relationships with consumers, as the public’s trust in traditional banks wanes. The platform, which has already launched in the United States, will work by allowing customers to essentially download their financial history, […]
TrueLayer de-risks Accredited Data Recipient journey with Biza.io as CDR expands to “open finance”
Biza.io, has supported TrueLayer to de-risk and accelerate its journey to becoming an active Accredited Data Recipient in Australia.
The CDR: Why all eyes are on Australia
With the Consumer Data Right (CDR) the country is now a testing ground for many of the elements that form the concept behind open finance.
The 5th Annual Australian FinTech Awards 2020 have been run and won – here are the winners!
The 5th Annual Australian FinTech Awards 2020 have been run and won – here are all the winners from FinTech’s night of nights!
