SYDNEY, AUSTRALIA: Douugh, the leading fintech company that recently received accolades for “Best Share Trading App” and “Best Share Trading App for Beginners” by Finder, is set to revolutionize the financial industry once again with the launch of its groundbreaking card product.

Aimed at empowering Australians to manage their cash flow effectively while growing their long-term wealth, this innovative solution is poised to challenge and replace traditional bank debit and credit cards.

Douugh’s new card offering features a proprietary rewards program, designed to incentivize customers and boost their financial portfolios. Users can earn up to 7% Stockbace, a cashback rewards program that automatically invests funds into their chosen managed Portfolio on the Douugh platform, by making payments through the Douugh card. This seamless integration of spending and investing aims to transform the way people manage their finances.

The Douugh card provides customers with two flexible payment options: Pay Now and Pay Later (PNPL). With Pay Now, users can conveniently spend funds directly from their Douugh transaction account. Alternatively, Pay Later offers customers the option to access up to $500 to smooth their cash flow, repaid in four weekly installments for a flat fee of $1.25 per repayment. Notably, all Spot loans, offered under the Pay Later option, are issued by a third-party lender and funded off the balance sheet, aligning with Douugh’s capital-light business model.

In conjunction with the card launch, Douugh will increase its monthly subscription fee for unlimited single stock investing from $2.99 to $4.99 every 28 days. This move further solidifies Douugh’s commitment to providing its customers with enhanced investment opportunities and a seamless trading experience.

Additionally, Douugh is actively developing a payment gateway solution called Douugh Pay, enabling merchants to offer the proprietary PNPL Stockbace service to their customers at the point of sale. This innovative payment solution aims to drive sales and foster greater customer loyalty, positioning Douugh as a key player in the evolving payment industry. The company expects Douugh Pay to become its primary distribution channel following its launch in Q2FY24.

To ensure a seamless user experience, the latest version of the Douugh App will initially be available for download through invitation only. However, the company plans to make it accessible to all Australians in the coming weeks, further expanding its user base and disrupting the financial landscape.

With its new card product and forward-thinking initiatives, Douugh is poised to reshape the traditional banking industry, empowering Australians to take control of their finances, grow their wealth, and enjoy a unique rewards program that integrates spending and investing like never before.