Australian consumer FinTech company Douugh is kicking off its visual “Savings Jar” feature as it widens the availability of its artificial intelligence (AI)-assisted bank account with a Mastercard debit card, Mastercard said in a press release on Thursday (Sept. 19).
There is a waiting list in the U.S. to join Douugh and the company is targeting the 83.1 million-plus millennials in the country.
“Seventy percent of Americans live paycheck to paycheck and do not have $1,000 in savings. The launch of Savings Jars and specifically the launch of our default Rainy Day jar feature, will help our customers live financially healthier by getting them to save up to $1,000 as cover for unexpected expenses, or achieve a specific saving goal like a deposit for a home,” said Douugh Founder and CEO Andy Taylor.
A premium subscription service is also in the works and will offer advanced AI money management essentials as well as cash rewards and investment jars.
“Douugh is a disruptive financial technology platform that uses AI to help people change their relationship with money,” Taylor said. “We want to be exclusively focused on fostering financial wellness for our customers.”
Douugh partnered with Mastercard earlier this year and rolled out a co-branded Douugh debit card in the U.S.
”We are excited to see our partnership with Douugh grow and provide consumers with innovative products and solutions they need to reach their personal savings goals,” said Sherri Haymond EVP, Digital Partnerships, North America, Mastercard.
Mastercard announced in May that the next generation of its Accelerate program will be focused on FinTech firms. Accelerate 2.0 has three new features, including Global Reach, billed as a new card-issuing “territory expansion service.” Other offerings within the suite include Start Path, which links Mastercard with late-stage startup partners; API Developer Zone for developer access to standardized technology offerings; and Engage, which connects banks and merchants with technology partners.