Bell Potter pitches fintech Raiz Invest for $120m listing

The initial public offerings are starting to flow thick and fast out of Bell Potter Securities.

Next up is a $15.1 million raising for fintech Raiz Invest Ltd which, if successful, would see the company list with a $119.2 million market capitalisation next month.

Raiz Invest is the new name for Acorns Grow Australia, a micro-investing app out of the United States that has been operating locally since February 2016.

It is best known for its “round up” offering, which enables customer to invest their virtual spare change automatically. It says its app also acts as a personal finance assistant for users and allows customers to make lump sum deposits into managed funds and other financial products.

Raiz Invest makes money via monthly maintenance fees, account fees and advertising on its app.

It told potential investors it already has more than 155,000 paying customers and 600,000 app downloads. It recorded $1.04 million revenue and a $2 million loss in the first half of its 2018 financial year.

Bell Potter is seeking to sell 8.4 million new shares at $1.80 each to raise $15.1 million, according to terms sent to potential investors.