Australian listed Fintech Douugh (ASX: DOU) has partnered with the global leader in embedded finance experiences, Railsbank (“Railspay” in Australia), to launch its responsible ‘financial super app’ across Australia, the UK, Europe, and Southeast Asia.
Through the partnership, Douugh will be able to offer traditional core banking experiences to its customers in each of these markets. In Australia, Douugh will look to leverage Railspay’s banking-as-a-service arrangement with neobank, Volt.
Similar to how it currently operates in the US, Douugh’s ‘financial super app’ will offer all manner of embedded finance experiences from the one convenient, consumer-friendly mobile app, including bank accounts, payments, cards, automated money management, stocks and crypto trading, and more.
Douugh chose Railsbank for the international expansion due to its position as a global provider of embedded finance, which involves the use of APIs to integrate financial services and payments within traditionally non-financial services, products, or technologies.
Railsbank is also both a regulated financial institution in the UK and EU, and a principal card issuing member of Mastercard, which Douugh also has a global partnership with.
By partnering with Railsbank, Douugh will bypass expensive and time-consuming integration with separate processors and banking partners in each of these countries, and avoid grappling with legacy infrastructure, operations, and risk policies.
Nigel Verdon, global CEO and co-founder of Railsbank, said: “The future of banking will be driven by embedded finance, which involves making financial products available seamlessly in any digital consumer user experience, provided by any business.”
Ben Smith, General Manager of Railspay, said: “We are excited about partnering with Douugh to provide this global infrastructure, as we believe in Andy’s bold vision of creating a purpose-led global financial platform that improves the financial wellbeing of its users through automation.”
“Railsbank provides a single technology layer through which Douugh can expand into a number of countries and add new capabilities for its consumers. This will allow Douugh to focus on investing in its user experience and significantly reduce its time to market in new countries.”
Andy Taylor, Founder and CEO of Douugh, said: “Our vision for a responsible financial super app is one within which consumers all over the world can access an entire suite of integrated financial products and services required to help them live financially healthier lives - spending smarter, saving more, and building generational wealth on autopilot.”
“By partnering with Railsbank, Douugh will rapidly gain access to fully licenced ADI-issued bank accounts, connection to the various payment rails in Australia, and Douugh-branded debit cards. We will also be able to enter new markets much more efficiently and expand significantly faster.”
Screenshots of Douugh’s app
Douugh is a responsible financial super app, on a mission to help customers autonomously manage and grow their money to live financially healthier lives. Douugh was founded in 2016 by Andy Taylor, Co-founder of SocietyOne, Australia’s first and leading P2P Lending platform.
Railsbank is the global leader in embedded finance experiences. Railsbank is registered in Australia under the name Railspay. Railsbank launched in Australia with banking-as-a-service arrangements made available by the country’s first neobank, Volt. Railsbank was founded in London (HQ) in 2016 and operates throughout the UK and Europe, APAC and the US.