Aussie neobank secures strategic pre-IPO investment from Japanese financial group

AI-powered, challenger neobank Douugh, is pleased to announce a strategic investment from one of Japan’s leading financial services companies, Monex Group, Inc. (Tokyo Stock Exchange).

The partnership will see Douugh collaborate in the area of wealth management across its key markets in the future, which will include cryptocurrency.

Douugh is currently rolling out its ‘smart’ bank account offering in the U.S, powered by its proprietary autonomous AI assistant. Designed to help people better manage their money and become financially healthier – paying off debt, spending less, saving more and building wealth.

The news comes hot off the heels of Douugh being nominated for the ‘Emerging Fintech Organisation of the Year Award’, by Fintech Australia.

What does this partnership mean for Douugh?

The allegiance with Monex Group is the third global partnership Douugh has secured with strategic partners including Mastercard, Choice Bank and Regional Australia Bank.

“We are excited to announce this partnership with Monex as it will assist Douugh in fast tracking our commercial plans on a global scale,” says Andy Taylor, Founder & CEO of Douugh.

“We believe the future of banking is about platform, data and identity. We are a technology company, building out a platform based business model – a financial control centre, where a customer’s money is managed on autopilot. Having an integrated wealth management offering is central to this strategy.

“Our ultimate goal is to foster an ecosystem of partners within our own Marketplace, in order to allow a customer to leverage their financial profile. A partnership with Monex fast-tracks us towards this goal and opens us up to the Asian market”.

Oki Matsumoto, CEO of Monex said, “We are delighted to be partnering with Douugh. We have been looking at making the right strategic investment into the global neobank sector, to help us gain access to the retail millennial segment.

“We have found Douugh to be a true world-class fintech and pioneer of a disruptive platform business focused on fostering financial wellness. We believe in the substantial synergy in our key markets which will accelerate our group’s future growth over the long-term.”