Fintech Douugh Ltd made its debut on the ASX yesterday and used the occasion to detail its product release plans for Australia and the United States.
Douugh has come to the market via a reverse takeover by telco ZipTel. In August, ZipTel shareholders voted in favour of a proposal to acquire Douugh’s issued capital.
The company then changed its business to focus on the activities of Douugh and sought readmission to the ASX as Douugh Ltd.
At the time, the company also issued a prospectus to raise A$6 million.
Douugh is an open banking play, whose customers allow their banking data to be collected and analysed by Douugh, which then offers a range of budgeting and financial tools.
The company, which was incorporated in 2017, has been running a pilot program in the US and expects to go live there “in coming weeks”. In the US it works with a partner bank, Choice Bank, under an agency arrangement.
It offers a transaction account and debit card through its partner bank.
It plans to launch its product in Australia next year with Regional Australia Bank as its local partner.
The company’s 2019/20 shows it is still in start-up mode. Revenue from operating activities was a negligible $218 and it made a loss of $1.3 million.
The stock opened at 50 cents a share and finished at 68 cents – a 36 per cent gain on debut.