Douugh Ltd (ASX: DOU) shares are surging in early morning trade after the release of its Goodments by Douugh investing app in the Australian market. At the time of writing, the Douugh share price is up 9%, trading at 12 cents after touching an intraday high of 13 cents near the market open.
Let’s see why this investing app is boosting the Douugh share price following its launch in Australia.
Douugh launches free investing app in Australia
The software company is looking to leverage the record number of millennials entering the share market.
Douugh acquired the wealth management app Goodments for $1.5 million in February.
Goodments operates in Australia with more than 13,000 customers in its database. The company’s wealth management app includes features that allow customers to invest in custom-built portfolios and fractionalised single shares.
Goodments by Douugh will retain the same features, providing Australian investors with brokerage-free trading in US shares and exchange-traded funds with as little as one dollar.
Douugh says that today’s launch is a precursor to its flagship banking app launching in Australia early next year. The company says that there are currently more than 10,000 Australians now signed up to its waitlist.
The company’s banking app has already launched in the United States, with strong momentum building for the platform. Douugh reported its first full quarter performance in the US, revealing a 259% increase in customers from 3,033 in December to 10,877 by the end of March.
What did management say?
Douugh Founder and CEO Andy Taylor commented on the recent millennial investing trend:
Young people realise buying property is becoming increasingly difficult, so they are turning to shares to make their money work harder and save to secure their futures.
Cryptocurrencies have also created interest in the younger generation, who want to invest with a long term strategy.
It’s driving demand for wealth creation platforms like Goodments to simplify buying and selling shares, making it easy to get involved, easy to use and low cost. All the while being able to get exposure to the biggest global disruptive brands they know and love that are changing the world.
Douugh share price in 2021
The Douugh share price is down about 26% year to date. The company’s shares are still trying to stabilise after surging as much as ~1,600% last year from a listing price of 3 cents to as high as 49 cents.