Raiz Invest hits $1 Billion Funds Under Management in Australia
Raiz Invest today announced its total Funds Under Management (FUM) in Australia has surpassed $1 billion off the back of continued customer engagement, which has seen average balances grow to nearly $3,000 per customer, as well as continued customer growth.
Raiz Invest Managing Director/Joint Group CEO, George Lucas, said, “Passing this significant milestone is a huge validation of the Raiz business model, products and brand, which has helped more than 500,000 Australian invest and save.
“Seven years ago, the concept of an investment app accessible to anyone on a smart phone, and as little as $5 to invest, was no more than a pipe dream. The Raiz team has worked hard to make this dream come true – and you can see what has been achieved as we pass the $1 billion milestone in Australia.
“I am proud that every day we’re improving the financial experience, education, and literacy for a broad segment of Australians, Indonesians and Malaysians, which has and will continue to be an essential part of our purpose.
“Reaching this milestone reinforces that we’re delivering on our customers’ expectations. They continue to entrust their money with us, and we appreciate their support and loyalty, and the valuable feedback they provide on ways to improve our product.”
Brendan Malone, Joint Group CEO, says the success of Raiz is due to the great user experience on our platform, meeting customers’ expectations, and the range of products and services available to them.
“Raiz has provided hundreds of thousands of Australians with an easily accessible way to save and invest their money,” he said.
“The popularity of the Raiz app is illustrated by the 500,000 Australians who have invested with us, many of them novices who have learnt about the markets, ETFs and other investment opportunities like Bitcoin, over our six-year journey.
“Reaching this $1 billion milestone reinforces that we’re delivering value. It’s also a great achievement for everyone at Raiz and for our customers, who continue to entrust their money with us.
“But Raiz isn’t just for novices. As our customers get more sophisticated and grow their knowledge, they want to take more control over their portfolio allocations. That’s why we introduced the Custom Portfolio, which allows them to build their own personalised portfolio by choosing the target weightings for up to 16 ETFs and Bitcoin.
“This is illustrated in the continuing growth of the average balance on the Custom Portfolio, which now stands at more than $5,500,” says Malone.
“Raiz continues to go from strength to strength,” adds Lucas.
“The success and growth we’ve achieved in Australia in six years shows how significant Raiz will be in our Southeast Asian countries of Malaysia and Indonesia, and in the New Year, Thailand.”