Raiz’s active customers exceeded 200,000, growth in superannuation FUM more than doubled to $55 million in the past 12 months
Raiz Invest Limited (ASX: RZI), Australia’s largest mobile-first financial services platform, today announced an update for the three months to 30 September 2019 (Q1 FY2020).
During the quarter the Company delivered normalised revenue growth of 55.6% on the previous quarter, a 122.7% increase compared with the corresponding quarter last year. Funds under management grew by 13.6% over the quarter to just under $400 million (in Australia). Australian customer numbers were not affected by the fee increase over the quarter and continued to grow to more than 204,000.
CEO of Raiz Invest, Mr George Lucas, said: “Raiz is increasingly becoming a significant player in the Australian financial markets and we are confident of building on this success story by replicating our business model in Indonesia and Malaysia.
“We are well placed to leverage our mobile first platform to expand into Southeast Asia, benefitting from growing wealth in the region. Progress in Australia reflects the unique nature of our platform, the hard work and creativity of our people and a commitment of resources and above all our engaged and loyal customer base. Our focus on education in financial literacy and awareness continues to resonate.
“The business continues to deliver strong growth driven by our highly engaged and rapidly growing customer base. It is cash-flow positive, underpinned by continued strong revenue growth and disciplined cost management.
“We recently reached a key milestone when the number of active customers exceeded 200,000 and we are confident that FUM will exceed $400 million by the end of this month.
“Another pleasing trend has been the growth in superannuation FUM that more than doubled to $55.22 million in the past 12 months. Although still relatively small, Raiz Super continues to be well regarded as reflected by the recent nomination for the 2020 Best New Innovation Award in superannuation by SuperRatings.”
