Douugh is a U.S based business, so valuation should be measured...

Douugh is a U.S based business, so valuation should be measured in U.S dollars. It is being talked about as an Australian neobank, it is not. It is earning interchange revenue, which is 1% on transactions in the U.S before introducing a subscription and other revenue generating features. It is leveraging an exisiting U.S banks licence to operate in all 50 states, not taking on the cost structure of becoming it's own ADI. So extremely capital lite. It has a global partnership with Mastercard to co-fund it's growth activities. I think people are forgetting that the start up costs to even bring something like this to market is large and have already been sunk. This is now a growth story. Investors have the opportunity to come in early on this as opposed to VC's taking all the upside.