Douugh Ltd (ASX: DOU) shares are on the rise after the artificial intelligence (AI) driven financial app developer completed its first full quarter since launching in the United States market. At the time of writing, the Douugh share price is trading 3.23% higher at 16 cents.
Let's take a look at how the company has been performing.
Douugh quarterly highlights
The Douugh share price is in the green today after the company reported momentum is building for its platform since the US launch in mid-November 2020. The company's app has experienced a 259% increase in customers from 3,033 in December to 10,877 by the end of March. Douugh's customers had deposited more than $3 million into their Douugh bank accounts with more than $1.1 million spent through their Douugh cards.
The company was anticipating more customer growth but this was slowed due to COVID-19-enforced delays on the delivery of new debit cards. According to Douugh, it plans to make up for lost ground in the fourth quarter.
Despite supply-side challenges, the company is pleased with how customers are interacting with the platform and the value provided by its money management tools. Douugh observes that customers are using their Douugh cards to pay their bills, such as those from Uber and Netflix, and are starting to deposit their salaries directly into their Douugh bank accounts. The company is eyeing new initiatives to further encourage this behaviour.
Douugh also reported delivering on its development milestones for the third quarter. This included the successful rollout of its proprietary self-driving money management feature, Autopilot. This feature utilises machine learning models to manage a customer's money, improving over time as it gets to know the user through their financial data.
The second development was the rollout of the company's instant virtual card push provisioning in partnership with Mastercard. This allows a customer to seamlessly add their Douugh Mastercard debit card to a digital wallet from within the Douugh app, eliminating the need to input card information manually.
Douugh share price snapshot
Despite the company's achievements over the quarter, including an instant bank account funding feature in partnership with Stripe, the acquisition of social investing app Goodments and a licence to offer wealth management services in the US, there hasn't been a whole lot going on for the Douugh share price.
Prior to today's gains, Douugh shares have drifted lower to the 15 cent level, close to a 7-month low. But taking into consideration its listing price of just 3 cents back in October, it might take an extraordinary announcement to drive further upside in the near term.
