The Douugh Ltd (ASX: DOU) share price is pushing higher on Tuesday morning.
In early trade, the financial wellness app company’s shares are up 16% to 18 cents.
Why is the Douugh share price charging 16% higher?
The catalyst for the strong performance by the Douugh share price today has been the release of a product announcement.
According to the release, the company has now launched its Autopilot feature within its app. Douugh refers to Autopilot as a “self-driving” money management feature.
The release explains that the first function of the feature, Salary Sweeper, has been released to all users today. This service automatically allocates a customer’s paycheck to cover their upcoming expenditure needs for the period and contribute to savings goals.
Furthermore, it uses algorithms to make real-time decisions about how to allocate money, sweeping cash between “jars” to provision for bills, meet saving goals, and speed up debt repayments.
Founder and CEO, Andy Taylor, commented: “This is a hugely exciting moment for our customers, shareholders and team as we launch the first stage of automation that aims to make Douugh indispensable in people’s daily lives – changing the way people bank and invest.”
“We believe Autopilot is what will set Douugh apart from the competition who continue to devote resources to self-service offerings. Autopilot detects, tracks and predicts income and outgoings to calculate each individual’s optimal budgeting requirements,” he added.
Once again, one thing missing from its update was the number of users it has for its app. This could be a sign that the numbers are not strong enough to announce publicly.
It is worth noting that competition in this area of the financial world is intense and has low barriers to entry.
It also has competition from companies with deep pockets such Zip Co Ltd (ASX: Z1P). It is the company behind the hugely popular Pocketbook app, which has more than 800,000 users.
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More reading
- Why Douugh, Janus Henderson, Northern Star, & Orocobre are dropping lower
- Why the Douugh (ASX:DOU) share price is crashing 18% lower
- Douugh (ASX:DOU) share price still in limbo. Here’s why
- Does Xinja’s downfall mean neobanks are dead?
- Douugh (ASX:DOU) share price remains suspended after listing rule breaches were found
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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