Raiz posts half-year financial results, shows continued strong growth

Raiz Invest, Australia’s largest mobile-first financial services platform, has announced its half-year financial results for the six months to 31 December 2020 (‘1H21’), showing continued strong growth.

Raiz Invest CEO George Lucas said, “It was particularly pleasing to deliver continued growth across all of the key areas of our business during 1H21. It was achieved during a period of continued global uncertainty relating to COVID-19.

“The growth reflects several factors including the successful execution of our strategy with growth being driven by an increase in both active customers and revenue per customer, strong customer loyalty, the low cost of acquiring customers, and the successful rollout of new products and services.

“The continued strong growth in Australian FUM of over 33.5% to $605.6 million gives us confidence that we will reach our target of $1 billion by the end of December 2021.

“The growth in Indonesia and Malaysia continues to exceed our expectations and we remain confident that we will be able to repeat the success of the Australian business model by introducing new products to our expanding customer base and increasing revenue per customer in these geographies.

“We will continue to strengthen board and management; we have a pipeline of new products; and we are working on new target geographies for expansion. These initiatives will add to our current growth momentum over the coming six months,” he said.