Neobank Douugh is set to launch a ‘responsible’ buy now, pay later platform
Douugh, the self-styled neobank turned ‘financial wellness app’, announced on Tuesday that it would be launching its own “responsible” offering, called ‘Credit Jar’, with its own distinct take on the budding fintech niche.
“Credit Jar is very different to traditional point-of-sale BNPL offerings and represents a step change in the model, because we are treating it as a credit product, which is what we strongly believe it should be,” CEO and founder Andy Taylor said.
The stance would appear to be a direct dig at Australia’s largest BNPL platform, Afterpay, which has variously claimed to be a “customer acquisition channel” and a marketing partner, and likened itself to Google and Facebook. All of this to mount its defence as to why it should not be regulated for what it functionally is: a credit product.