App for financial management Douugh is partnering with Railsbank to provide specific core banking services in Australia.
Douugh will provide bank accounts, debit cards, financial management support, stock and crypto trading through Railspay, which is backed by Railspay’s own banking-as-a-service (BaaS) collaboration with Volt Bank.
Douugh is anticipated to formally debut a ‘financial super app’ product in Australia under the new relationship in mid-2022, subject to final approval from Volt Bank.
Following the Australian debut, Douugh plans to expand its banking goods and services across the United Kingdom, Europe, and Southeast Asia via the BaaS relationship.
Douugh founder and CEO Andy Taylor stated that the alliance would help the company to grow more quickly.
“By working with Railsbank, Douugh will receive immediate access to fully licenced ADI-issued bank accounts, access to Australia’s numerous payment rails, and Douugh-branded debit,” Taylor said in a statement. “We will also be able to enter new markets much more efficiently and develop much more quickly.”
Railsbank recently announced a similar collaboration with microbusiness finance app Parpera, allowing the company to provide self-employed people with digital capabilities like invoicing, cashflow statements, and tax reporting.