The Douugh Ltd (ASX: DOU) share price will be in the spotlight during morning trade. This comes after the fintech company launched another feature on its wellness app.
At yesterday's market close, the Douugh shares ended the day at 16.5 cents.
Let's take a closer look at what the company announced.
Douugh enhances app offering
Douugh shares will be on the radar today after the company launched another feature to reduce customer wait times.
According to its release, Douugh advised it has rolled out an 'instant bank account' funding feature in partnership with Stripe.
Founded in 2010, Stripe is an Irish-American financial service and Software-as-a-Service (SaaS) company. The group specialises in online payment processing platforms, allowing businesses to send and receive payments online.
The new feature enables customers to connect their pre-existing bank Mastercard and Visa debit cards to the Douugh platform. In turn, customers can access and top up their Douugh bank account instantly. This is opposed to waiting for 3 days for the funds to settle. To access this feature, however, Douugh is charging a 3% fee to customers for the convivence.
It's no secret the company is making strides to encourage customers to pay their salary into their Douugh bank account. It believes by making continuous improvements to its app, customers will make the switch, unlocking the full benefits.
Management commentary
Stripe head of Americas, revenue and growth, Jeanne DeWitt Grosser commented:
We are delighted to be partnering with Douugh, helping them fulfill their mission to foster financial wellness. This partnership allows Douugh customers to more quickly begin their journey of better managing and growing their finances by cutting unnecessary wait times.
Douugh founder and CEO, Andy Taylor went on to add:
This initiative, alongside the recent release of instant push provisioning of the virtual Douugh Mastercard debit card straight into Apple Wallet, ensures we can minimise the time it takes a customer to become setup on the platform and extract the benefits.
About the Douugh share price
Since its listing in early October, the Douugh share price has exploded to almost 900% higher. The company's shares reached a high of 49 cents in November, before falling back down after some profit-taking.
On valuation grounds, Douugh commands a market capitalisation of around $60 million, with 367 million shares on issue.
