Blink and you’ll miss it. What has Douugh been doing to make such fast moves?
The post Douugh (ASX:DOU) share price lifts nearly 40% in 10 days appeared first on The Motley Fool Australia. –
Some high-flying ASX-listed shares can easily go undetected in between the day-to-day inundation. One such company that has quietly been making a bounce back is Douugh Ltd (ASX: DOU) and its share price.
Today’s gain takes the financial wellbeing centric company’s shares to an increase of 38% in under two weeks.
If you’ve missed the recent developments driving the move, here’s your refresher.
Finserv partnership boosts Douugh share price
After somewhat of a drought in big moving announcements, Douugh delivered a sprinkle of excitement on Thursday last week.
The Douugh share price rallied after announcing a partnership with US-based financial technology company Fiserv Inc (NASDAQ: FISV)
According to the announcement, the partnership allows Douugh customers to withdraw cash from more than 37,000 ATMs across the US without incurring a transaction fee.
Making it all possible is Fiserv’s MoneyPass platform, which is recognised as one of the largest surcharge-free networks in the US.
The catalyst broke the Douugh share price out of a downward trending channel, which had been in action for the last 3 months. Over that time, shareholders were shaken down and left with a 68% fall in value.
One good day after a few months of red doesn’t do much to soothe the soul. While two… well it’s still not great – but it’s 100% better than one.
Douugh intends to start by offering brokerage-free US single stock and ETF trading via its recently acquired Goodments app. After which, it may extend its alliance to offer international money services as an integrated feature in the Douugh banking app, providing access to over 50 global currencies.
The release explains that Douugh’s customers will pay OFX a foreign exchange fee so they can then buy US securities. OFX will then pay a portion of the fee to Douugh in the form of a revenue share.