Douugh, a San Francisco, CA-based provider of an integrated checking account and debit card, received a strategic investment from progressive community bank Choice Financial.
The amount of the deal was not disclosed.
The company – which has raised $2.5M in total funding – will use the funds to launch its account and debit card.
Founded by Andy Taylor, Co-Founder of SocietyOne, an Australian P2P lending platform, Douugh is a fintech company taking an AI-first approach to redesign banking. Its personal “smart” banking app has already launched in beta.
Sophie – a personal assistant for finances – aims to empower users to make the best financial decisions based on their unique situations, by offering:
– A personalized experience for customers to manage their money and fast tracks them to financial freedom.
– Collating, organizing and informing customers about their spending habits all in one place.
– Coaching and guiding customers to a better understanding of their financial status.
Users can also use Sophie as their very own personal banker to perform transactional tasks – like paying and splitting bills, requesting money, automatically saving, tracking and management of spending and savings goals, all through the bank account and debit card product.
The company is also developing an API product called “Douugh Connect”, which will enhance Sophie’s power to coach, manage and execute in a more cohesive and intuitive way, on autopilot or as-needed.
Douugh is now accepting beta pilot registrations, which is being rolled out on an invitation-only basis.