Raiz (company)

Raiz Invest Limited
Type of businessPublic
Type of site
Financial technology
Traded asASX: RZI
Area servedAustralia, Indonesia, Malaysia
Key peopleBrendan Malone (Managing Director / Chief Executive Officer) Alex Gao (Chief Financial Officer)
IndustryFinancial technology
RevenueIncrease A$10.3 million (2020)[1]
URLraizinvest.com.au
UsersIncrease 1,078,000+ (2020)
Current statusActive
Native client(s) onAndroid
iOS

Raiz Invest Limited (formerly Acorns) is an Australian financial technology company operating in Australia, Indonesia and Malaysia. It is listed on the Australian Securities Exchange (ASX:RZI). It allows Australian customers to micro-invest.[2][3] the remaining round up of everyday purchases in exchange traded funds.

As of October 2021, the service has 419,552 monthly active users with $694.27 million funds under management.[4] The total revenue during FY2020 was $10.3 million.[5] Brendan Malone is Managing Director / CEO of the company.[6]

The average user investment portfolio of Raiz Invest grew 11 per cent a year since start in February 2016.[7] 70% of customers are aged between 18 and 35, and over 80% invest at least once a month into their account. The minimum investment to open an account is $5.[8][9]

Superannuation scheme

Raiz Invest super was launched on 16 July 2018, designed as a superannuation product. It currently has $69.7 million funds under management.[10]

International expansion

Indonesia continues to demonstrate momentum with 112,000 customers having signed up to the app. More opportunities are opening up in Indonesia to increase market penetration; Work has begun to develop new products with the prominent Indonesian cornerstone investor who took equity in the November 2019 placement. Activation of charging monthly fees has been turned on in Indonesia. Malaysia is live with 40,000 customers so far.[11]

Awards

Raiz was awarded Australia's Investment Innovator of the Year at the 2017, 2018 and 2019 FinTech Business Awards.[12][13]

References

  1. ^ "ASX: RZI". asx.com.au. ASX. June 2018.
  2. ^ "The Innovators – Meet the 65 Companies and Their Owners Who Have Conjured Up the Latest Wave of Products, Services, and Technologies". money.cnn.com. 1 May 2001. Retrieved 20 April 2023.
  3. ^ Lucchetti, Aaron (22 December 1999). "E-Tailers Allow Buyers to Add Fund Investments to Carts". WSJ. Retrieved 20 April 2023.
  4. ^ Gangaram, Nikhil (6 April 2021). "The Raiz (ASX: RZI) share price is surging 9% higher today". The Motley Fool Australia.
  5. ^ "RZI Business Quarterly | ASX". 2 September 2020. Retrieved 2 September 2020.
  6. ^ "Raiz Invest Ltd - Company Profile and News". Bloomberg.com.
  7. ^ "Superannuation Product Update – Raiz Invest Super". Raiz Invest. 9 July 2018. Retrieved 22 October 2022.
  8. ^ Banney, Alison (23 April 2018). "Acorns app rebrands to Raiz Invest | finder.com.au". finder.com.au. Retrieved 10 July 2018.
  9. ^ "Raiz Invest to list on ASX with a $120m valuation". Financial Review. 9 May 2018. Retrieved 10 July 2018.
  10. ^ "RZI Business Quarterly | ASX". 2 September 2020. Retrieved 2 September 2020.
  11. ^ "ASX Announcements". Raiz Invest. Retrieved 2 September 2020.
  12. ^ Pash, Chris (13 June 2018). "FINNIES: All the winners and finalists in Australia's 2018 fintech awards". Business Insider Australia. Archived from the original on 15 June 2018. Retrieved 10 July 2018.
  13. ^ Hastie, Eliot (27 March 2019). "Fintech Business Award 2019 Winners announced". www.fintechbusiness.com. Retrieved 29 March 2019.