Australian fintech Douugh deepens relationship with Polaris Portfolios to scale in the US Market

8/5/2020

Welcoming a waiting list of thousands, Douugh has begun to expand its services in the United States, with its ‘freemium’ smart banking and Mastercard services. Douugh is a consumer technology company that offers an AI powered financial wellness banking platform, delivered through a SaaS subscription model. Douugh is pioneering a new platform based and customer-centric business model, focused on delivering financial wellness through a full suite of everyday mobile banking with enhanced features focused on helping users spend less, reduce debt, save more, and build wealth. 

Founder of Douugh and CEO Andy Taylor is quick to point out that Douugh is in fact a technology company rather than a bank, giving it a unique competitive advantage to focus exclusively on growth and innovation around a customer-centric proposition. Looking to build an ecosystem of value added services to its customers, integrated into the core bank platform, wealth management will be a strong differentiator for Douugh. To deliver on this, Douugh has partnered with Polaris Portfolios to develop, launch, and manage its wealth business. 

“Douugh sees its future as being a financial wellness platform and control centre, where people can manage their money on autopilot – allowing third party apps and merchants to integrate and offer value added curated services to our customers through open API’s,” he said.

Douugh plans to gain significant competitive advantage in the US market through its launch of Douugh Wealth - an A.I. robo advisor. With the core banking solutions already developed, Douugh has partnered with digital wealth firm, Polaris Portfolios, to build out and manage its entire wealth division. “We are looking to blitzscale to become the dominant global wellness banking platform. Currently live and scaling in the U.S, before rolling out to Australia and other markets in partnership with Mastercard. Douugh also plans to offer a ‘Premium’ subscription product in the near future, incorporating wealth management powered by Polaris,” says Taylor.

Polaris Portfolios, a digital wealth management and consulting firm, is well established in the space. Serving the bank, credit union, and RIA channels, among other financial institutions, Polaris is well suited to bring Douugh Wealth to the US market with speed and efficiency. The partnership is a strategic move by Douugh to accelerate its wealth offering. By leveraging Polaris and its resources as an established RIA, Douugh is able to offer clients dynamic investment and wealth management services. 

Evan Kulak, of Polaris Portfolios, is named as the Head of Douugh Wealth. Mr. Kulak and the team from Polaris are able to bring together the digital wealth services of Polaris with the leading AI technology built by Douugh. “Douugh is a OTT SaaS technology company, taking an AI first approach and building a proprietary banking software platform, making the company quite flexible in creating a powerful, dynamic wealth management platform. We have been working closely with the Douugh team through every phase of strategy and product development. We have welcomed the opportunity to support Douugh Wealth in its development and launch in the US and look forward to continuing as the ‘engine under the hood’ powering its investment management services.”

About Polaris Portfolios:
Polaris Portfolios is a Registered Investment Advisor that specializes in providing wealth management services and strategic consulting services to banks, credit unions, RIAs, and financial institutions. To learn more please visit www.polarisportfolios.com or contact:
Michael McDermott
Program Management & Strategic Partnerships | Polaris Portfolios
708.487.1458 | mmcdermott@polarisportfolios.com
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