Fintech Douugh marked its debut on the ASX with a stellar day's trading, closing at just under 7 cents per share, double its issue price.
The 'next-gen neobank that's not a neobank' (still with me?) is looking to benefit from a radically different business model to that of other local neos which have suffered broadly with the sector internationally in 2020.
Instead of relying on a net-interest-margin model, Douugh will offer an AI-powered money-management tool via subscription and piggy-back off Regional Australia Bank's license.
Douugh have a strong team & it will be interesting to watch it develop.