Douugh announces beta launch of stocks and crypto trading in Australia
Douugh offers Australians a platform for banking, budgeting, and investing.
Douugh Ltd has launched into Beta in Australia, the “financial super app” announced today, adding that the beta mode will last for up to 90 days.
Prior to the beta launch, Douugh obtained the necessary accreditation via embedded finance experience platform partner Railsr to be able to issue banking services to select Australian customers.
Banking, budgeting, and investing. Credit coming soon
Andy Taylor, Founder and CEO of Douugh, said: “We are delighted to announce the launch of our app in Beta production in Australia, it’s been a long-time coming and we couldn’t be more excited about introducing Australians to the Douugh service.”
“Hitting the market with a responsible financial super app that helps customers better budget, save and invest their money on autopilot has always been the dream and we think the timing is right with rising inflation and the end of excess consumer spending. People are looking for greater assistance to live financially healthier – helping them to spend more mindfully, save more and build long-term wealth.
“The app will be made available to a small selection of users in the first Beta testing phase before being opened up to Goodments and waitlist customers, prior to a full market launch later in the year. Douugh is seeking to help all Australians effortlessly and securely manage & grow their money without lifting a finger. Whether it’s help with budgeting for everyday spending and bills, automating saving, or investment options in US/AU stocks and crypto from as little as $1.
“Customers can choose to pay their salary into Douugh, or direct debit from their existing bank account. Whether they choose to bank with Douugh daily, or want a companion financial app to organise their money – Douugh can support. Similar to what Douugh customers in the US already enjoy, the service will be expanded to offer integrated rewards over time as well as Credit.”
Douugh offers NYSE, ASX, Crypto via Openmarkets Group
It was in December 2021 that Douugh partnered with Openmarkets Group to offer a comprehensive array of integrated trading services across the NYSE, ASX, and Crypto exchanges.
The agreement, which has a minimum term of three years and comes with a notice period of six months, is a major move by the Australian financial super app.
Using Openmarkets’ market-leading APIs, Douugh gains access to a single integrated tech stack with APIs and OMG’s customer support.
OMG will be responsible for cleaning, settlement services, and execution to DOU’s Aussie customers for single stock ASX trading, which will be into DOU’s ‘Stocks Jar’ feature.
Douugh’s Crypto Jar feature and the Douugh platform will be available for users looking to buy, hold and sell crypto in the United States. The Douugh Mastercard debit card is an easy option for consumers spending cryptocurrency.
Douugh tapped Zero Hash for crypto wallet and trading
In October 2021, Douugh partnered with Zero Hash to integrate cryptocurrency wallet and trading capabilities into its “responsible financial super app”. The firms have signed a partnership for an initial 3-year term with a 90-day notice period for termination by either party.
The digital asset settlement and custody platform specializes in building enterprise-grade solutions. It is a trusted operator in the digital asset space and its platform powers the cryptocurrency offerings of other leading fintechs such as MoneyLion and Wirex.
