US SEC grants RIA Licence for Douugh’s wealth services, shares up ~10%

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Summary

  • Douugh has got RIA licence for its Wealth division by the US SEC.
  • The permit would allow Douugh Wealth to provide various services via its planned Wealth Jars offerings.
  • The on-track US product validation, coupled with the AFSL-licenced Goodments acquisition, puts Douugh in a strong position for an impact launch of its integrated banking and wealth platform.

Provider of an AI-driven financial wellness app, Douugh Limited (ASX:DOU), had highlighted its plans in an early announcement to expand its US customer base for the Douugh Wellness Platform.

In a step that supports this strategy, Douugh achieved a significant milestone with the grant of Registered Investment Advisor (RIA) licence for Douugh Wealth division by the US Securities and Exchange Commission (SEC).

Following the announcement, the Company's shares zoomed up and closed 9.677% higher at A$0.170 on 1 April 2021. Douugh has a market cap of A$101.62 million.

About the RIA Licence

The RIA licence status is a significant milestone for the Company. It would let Douugh Wealth provide various services via its planned Wealth Jars offering that includes Robo Advice and Trading. This would further strengthen the Douugh platform’s impressive feature set.

DOU has plans to roll-out several key products comprising managed portfolio, stocks, ETFs, and crypto trading to help its customers grow long-term wealth.

Wealth Jars would let clients speed up their savings objectives by investing money in a custom-built managed portfolio. It would be expanded later into investing for retirement via a dedicated 'Retirement Jar', fractionalised single stocks as well as crypto trading via a 'Crypto Jar'. It would help achieve its mission to become a complete financial control centre for tech-savvy millennials and gen-z with integrated smart banking and investing.

Douugh Limited also confirmed that the Douugh Wealth solution's launch is in progress in the upcoming few months. This feature follows on from the successful roll-out of Autopilot  and instant virtual card provisioning with Mastercard.

The Company also highlighted that its upcoming acquisition of AFSL-licenced Goodments would position it firmly in the market to carry out the full impact launch of integrated banking and wealth platform in Australia before expanding in the key international market.

INTERESTING READ: Douugh (ASX:DOU) Joins Hand With Rakuten To Boost Its Acquisition Channel

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