Douugh (ASX:DOU) share price on the move again. Here's why

The Douugh Ltd (ASX: DOU) share price is on the move today following the company's launch of its financial wellness app in the United States.

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Douugh Ltd (ASX: DOU) shares are on the move today following the launch of the company's financial wellness app in the United States. In early morning trade, the Douugh share price rocketed as high as 40.5 cents before pulling back to 37 cents at the time of writing. This represents a 5.7% gain for the day so far. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.31% to 6,707.40 points.

Launch into world's largest market

The Douugh share price is surging higher this morning after the company announced the official launch of its app into the US following a successful 18-month trial.

Targeting millennials and gen-Z consumers, Douugh revealed it will be working with Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG) to utilise Google's ad bidding platform. In addition, the company will focus on developing distribution channels to create awareness and harness new customers. This will be created through word of mouth and expanded marketing programs across online and social media platforms.

The app uses artificial intelligence (AI) and machine learning to tailor individual financial solutions to a user's personal income and spending data. The objective is to help users spend wisely, save more and accumulate wealth over time.

With the launch, Douugh introduced an industry-first 'Bills Jar' feature with a linked virtual card. This assists users to track and cover their fixed and recurring outgoing expenses.

Commenting on the offering, Douugh founder and CEO, Mr Andy Taylor said:

Through our beta phase, we found that one of our customers' biggest pain was keeping track of their fixed and recurring bills, especially subscriptions. Bills Jar flags upcoming bills, allowing customers to sweep in funds and use the dedicated virtual card to become the principal card on file to pay recurring bills, outside of the main Douugh checking account.

It's a key foundational component, along with our integrated Savings Jars, Rainy Day Jar and Spending Targets, which allow our users to better manage their money and stop living paycheck-to-paycheck. A task that will become automated and self-learning over time with the introduction of Autopilot.

Another highlight of the Dough app is the ability for customers to connect it to their existing bank, investment accounts and credit cards. It essentially provides the end-user with a snapshot of their financial position.

As the launch takes place, Douugh will look to roll-out its Autopilot and Investment Jars in the coming months. This will be prior to the introduction of a monthly subscription fee.

What else did management say?

Furthermore, Mr Taylor went on to talk about how Douugh is aiming to make tailwinds in the industry. He added:

We want to build a global brand and platform business, and the U.S is the place we need to start to allow us to build the scale needed to execute on our long-term business plan. We are trying to do to banking what Tesla is doing to the automotive industry.

We see open banking and autonomous AI technology to be the next frontier in fintech, and the biggest disruption to happen to such a stale industry vertical that has only really experienced linear improvement to date.

About the Douugh share price

Douugh raised $6 million when it listed on the ASX in October, through a reverse takeover of ZipTel Ltd. Since then, the Douugh share price has been on an incredible run, jumping from 4.8 cents last month to its current price of 37 cents. This represents a gain of over 670% for shareholders in just over 6 weeks.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Alphabet (C shares), and Tesla. The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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