Upcoming ASX-listed fintech Douugh has a goal to make its users “live financially healthier” with the aid of a ‘smart’ app-based account that aims to make managing money effortless.
Douugh is based in Sydney and is set to release a money app, linked with a Debit Mastercard, that will focus on setting savings goals, hitting spending targets, categorising transaction, providing insights and ultimately helping users achieve financial freedom.
With a Douugh account, you'll also be able to invest in over 8,000 US/AU stocks, ETFs, and even cryptocurrencies.
Currently, the Douugh app isn’t available for download from the Apple App Store or Google Play Store in Australia. You can sign up for early access though, and don’t be surprised if they launch here sooner rather than later, because Douugh are already in the process of launching in the United States.
The Douugh Debit Mastercard is linked to your Douugh account and can be accessed via the app. This card operates in the same way as a regular debit card, in the sense that it can be used for online and offline purchases and to withdraw cash from ATMs. The bank account and debit cards will be issued by Choice Financial Group, Member FDIC.
Not only is this card set-up with Tap&Go, but users will also be able to make use of digital wallets like Apple Pay so that they’re able to make easy transactions all from their smartphones.
The Douugh app is available through the Apple App Store and Google Play.
There is a new autopilot saving feature on the Douugh app! You can choose to autopilot your savings and Douugh will move your money regularly for you by automatically placing your savings into your diversified investments so you don't have to worry about it.
With financial health at its core, the Douugh app monitors users’ spending habits month to month and provide feedback on their financial health through colourful in-app graphs.
In order to manage your spending and set up targets within the app, Douugh’s designers have created a clearly listed, graphed and colour-coded system that places your transactions in different categories like food and drinks, bills, coffee and other expenses. This way users can clearly visualise where their money is going, and adjust their spending habits according to their targets.
To help users save for things like their next holiday or a fresh set of wheels, Douugh have established Savings Jars which can be created and named separately per savings goal. This could be for bills, future investments, or an emergency fund. The app automates your savings according to your desired amount in each jar and provides guidance along the way to help ensure success.
You'll be able to invest through the app in over 8,000 stocks from the US and Australia with no brokerage fees.
You'll also be able to invest in cryptocurrencies through Douugh.
For people who need a little extra help when it comes to saving, hitting financial goals or managing their money, Douugh could be exactly what they need.
This clever app, connected to the Douugh Mastercard, has the ability to tailor itself specifically to its users’ spending habits through a range of innovative in-app features. These include a personal AI assistant, financial health graphs and updates, categorised spending targets, as well as unique savings jars.
An app like this may be perfect for tech-lovers or anyone looking for a different way of getting on top of their finances, but not all Aussies desire a solely digital banking experience.
Douugh will likely not provide services like over-the-phone banking and in-branch consultation, which may not fit the needs of people who prefer traditional banking. Douugh's product range may also be too limited for some Australians as they do not (at least, they haven't announced any plans yet) offer credit cards or home loans.
Douugh is available to be downloaded via the Apple App Store and Google Play.