Raiz’ superannuation customers grow despite negative market sentiment

ASX-listed fintech leader Raiz Invest has today announced its Australian, Indonesian, and Malaysian Active Customers and Australian Funds under Management (FUM) update for the month to 31 May 2022.

Raiz Invest Managing Director/Joint Group CEO George Lucas said, “The dip in Funds under Management (FUM) in May was not unexpected due to current market conditions and sentiment, with the broader Australian market down more than 3% for the month.

“Despite this negative market sentiment, it was particularly pleasing to see the continued steady growth in our superannuation numbers, indicating a growing customer trend to trust us with their retirement savings as well as their investments and savings outside super.

“In the volatile market conditions that have characterised 2022, our FUM has held up remarkably well, above $1 billion and still rising over the past three months.

“Our Southeast Asian operations continue to grow on the Active Customer front, despite the extended holiday season following Ramadan and difficult market sentiment. The Indonesia operation registered a 2.3% increase to 246,197. We are optimistic the 250,000 milestone will be reached in June. Growth in Malaysia was steady with a 1.9% increase to 110,125.”