Ann: ZipTel To Acquire Emerging Consumer Neobank Douugh, page-25

Yeah, from what I have seen (disclaimer in post above), the capital requirements are just astronomical.

From the above Equitise link, it reads - " Equitise will be facilitating a portion of this transaction with Canaccord Genuity Australia (the Lead Manager) to raise up to $5 million. A prospectus for the offer will be made available on Equitise when the securities are offered. The lodgement of prospectus by the Issuer is expected to be on the 5th of June 2020."

That's really not a lot of money (in this context).

Also I see - "Douugh has also secured a further wholesale banking-as-a-service agreement with Regional Australia Bank and a strategic investment from Monex Group, a Tokyo listed financial services company - to launch Douugh in Australia and Japan in the future."

Ok, so they aren't in this alone by any means - 86400 and Up have similar sorts of backing from other financial groups. This almost seems like a bit of a "promotional" sort of raise - a chance to get the word out and smaller investors can get involved.

More information will be available in a couple of weeks.

(On a side note, I feel as though I saw an article recently talking about Bank of Queensland looking to use the Virgin branding as a neobank platform.)