Douugh has marked a significant step forward in the fintech landscape with the soft launch of the first phase of its financial super app in Australia. The application, now available for download and signup, aims to empower Australians by fostering financial wellness and encouraging the formation of beneficial money habits.
"Our mission has always been to foster financial wellness through a single super app, empowering Australians to take control of their money and create winning money habits to build long-term wealth," said a spokesperson for Douugh. This launch arrives on the heels of the unfortunate closure of Volt Bank, Douugh’s former banking partner, which occurred in June. This development prompted Douugh to rethink and adapt its offering in Australia.
The decision to pivot followed the modifications that had been undertaken throughout 2022 to adapt its U.S.-built app for Australian customers. The spokesperson elaborated, "As building wealth has always been central to our vision, the first phase of our launch is focused on making it easy to build long-term wealth and help you reach financial independence."
What sets this app apart is its flexibility; users are not required to bank with Douugh to utilize its core features. Instead, they can easily connect their existing bank accounts and begin their wealth-building journey. "Simply connect your existing bank account to get started and you’re good to go," the spokesperson clarified.
The first phase emphasizes investment accessibility and the encouragement of a diversified investment strategy. Douugh promotes a long-term investment mindset with the phrase, "Invest for a decade, not a day!" The application is purposefully designed for savers rather than day traders.
To facilitate users in building wealth over time, Douugh has partnered with BlackRock, the world’s leading asset manager, to offer pre-built investment portfolios. Users can select these portfolios as a foundation for their investments and subsequently expand their portfolios with fractionalized U.S. shares of globally recognized brands.
A key feature of the app is Autopilot, which allows users to automate their investment routines effortlessly. "Autopilot makes it super easy to set up a recurring investment plan and stick to it!" said the Douugh team. Users can choose how much to invest and the frequency of those investments—weekly, bi-weekly, or monthly—and the app takes care of the rest.
"Select how much you want to invest and how often, then allocate how much goes into your chosen Portfolio and Shares. Autopilot then automates your recurring deposits from your connected bank account and places investment orders for you," explained a company representative. This allows users to manage their investments with minimal effort while ensuring their money remains active and working for them.
Looking ahead, Douugh plans to enhance its offerings further by integrating features for AU shares and cryptocurrency trading. These additions hint at a broader vision to create an all-encompassing financial ecosystem for users.
"We’re working hard to secure a new banking partner to expand our services even further, and our roadmap is filled with exciting developments," concluded the spokesperson.
This launch not only reinforces Douugh's commitment to financial wellness but also highlights the company's potential to shape the future of personal finance management in Australia, making sophisticated investing tools accessible for all users.