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ZipTel Swallows Fintech Outfit

SYDNEY: ZipTel has agreed to buy 100 percent of a fintech outfit dubbed Douugh – presumably pronounced “dough”, rather than “doo-ugg”. Once completed, ZipTel says it will seek re-admission to the ASX.

Douugh uses artificial intelligence to help people who lack the knowledge to build and manage their wealth. It uses technology to provide a banking licence, balance sheet, and underwriting and core banking system. 

It has launched a “smart bank” and Mastercard debit card offering in the App Store.

Douugh already has potential partners across Australia and Europe which will establish it as a global fintech brand and SaaS (software as a service) platform over time. 

ZipTel shares were last priced at 1.7 cents with a $3.215 million market cap. 

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