Douugh Ltd (ASX:DOU) (Company or DOU) is pleased to announce it has signed a binding share purchase agreement to acquire US B2B fintech platform services business Radical DBX, Inc. (EIN 93-4813022) (R-DBX) (Proposed Transaction).
The Proposed Transaction will provide the Company with technology and a suite of established long-term client contracts that will generate a stable stream of income for the group, which in the calendar year of 2023 turned over ~$1.1m.
On settlement of the Proposed Transaction, Stakk intends to launch its service in the US and upsell these customers, as well as scale up its Australian operation. Its embedded finance technology empowers banks, start-ups and enterprises to launch their own fintech products & services to their customer bases through a core set of APIs & SDKs, managed through a single platform.
Stakk offers a full range of banking products including:
- KYC/AML/Fraud Monitoring
- Card issuing and processing
- Transaction accounts/wallets
- AI-powered credit decisioning & collections
- Instalment loans and revolving credit
- Robo-advisory and share-trading
- Automated money management
- Account-to-account payments
- Cashback and Stockback™ rewards
Commenting on the Company’s announcement, Douugh’s Founder & CEO Andy Taylor said:
“We are delighted to announce the proposed acquisition of R-DBX. A company born out of leading B2B fintech services business UrbanFT, which has amassed a high-quality customer base of fintechs and financial institutions through their own limited embedded finance offering.
This acquisition will give us a major head start into launching our embedded finance offering, with a core focus on credit-as-a-service in the US market, as well as scale up our presence in Australia and later in the wider Asia Pac region.
Importantly it gives us the opportunity to commercialise the US component of our technology platform we invested so heavily into developing since our founding. Which is a major win for our shareholders.”