Railsbank (Railspay in Australia) and Douugh (ASX: DOU) have partnered to launch a “responsible financial super app.” The app is said to offer an embedded finance experience including bank accounts, payments, cards, money management, stock investing, crypto and more.
The app will launch in Australia, as well as the UK, Europe, and Southeast Asia. The app will start with Australia via Railsbank’s “banking as a service” feature with Volt Bank. Volt holds a full banking license and can handle deposits. Railsbank is regulated in both the UK and Europe and is a principal issuing member of Mastercard.
Nigel Verdon, co-founder and CEO of Railsbank, said the future of banking will be embedded finance:
“[this] involves making financial products such as bank accounts, payments, cards and loans available seamlessly in any digital consumer use case provided by any business.”
Douugh CEO and founder Andy Taylor said their vision included an integrated service of financial products.
“By partnering with Railsbank, Douugh will rapidly gain access to fully licensed ADI-isued bank accounts, connection to various payments rails in Australia, and Douugh-branded debit cards. We will also be able to enter new markets much more efficiently and expand significantly faster.”
Ben Smith, GM of Railspay, said they believe in Taylor’s vision for a responsible financial super app.
The partnership with Railsbank in Australia ends a previous association with the Regional Australia Bank.